outlook

December gold closed lower on Wednesday as it consolidated some of the rally off last week's low. The mid-range close sets the
stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If December extends the rally off last week's low, November's high crossing at .848.00 is the
next upside target. Closes below the 10-day moving average crossing at 801.70 would confirm that a short-term top has been
posted. First resistance is Monday's high crossing at 837.20 then November's high crossing at 848.00. First support is the 10-
day moving average crossing at 801.70 then today's low crossing at 791.00.

December silver closed lower on Wednesday as it extended yesterday's decline below the 10-day moving average crossing at
14.508. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to
bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 15.155 are
needed to confirm that a short-term low has been posted. If December renews last month's decline, the reaction low crossing at
13.325 is the next downside target. First resistance is Monday's high crossing at 15.020 then the reaction high crossing at
15.155. First support is last Monday's low crossing at 14.100 then the reaction low crossing at 13.980.

January crude oil closed sharply lower on Wednesday and below the 20-day moving average crossing at .9460. The low-range
close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. If January extends this week's decline, November's low crossing at .8913 is the
next downside target. Closes below this support level would confirm that a double top with November's has been posted while
opening the door for a larger-degree decline into early December. If January renews this fall's rally, psychological resistance
crossing at 100.00 is the next downside target. First resistance is the 10-day moving average crossing at 95.38. Second
resistance is last Wednesday's high crossing at 99.29. First support is today's low crossing at 90.70 then November's low
crossing at .8913.

anuary Henry natural gas closed sharply lower on Wednesday and below September's low crossing at 7.561. The low-range
close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI turning neutral signaling that sideways
to lower prices are possible near-term. If January extends this week's decline, weekly support crossing at 6.801 is the next
downside target. Closes above the 20-day moving average crossing at 8.157 would confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at 7.943 then the 20-day moving average crossing at 8.157. First
support is today's low crossing at 7.47 then weekly support crossing at 6.801.