OUT LOOK

February gold closed higher on Monday as it consolidated some of last week's decline. The high-range close sets the stage for a
steady to higher opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are
possible near-term. If December extends last week's decline, November's low crossing at 780.40 is the next downside target.
Closes above the 20-day moving average crossing at 813.40 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 809.70 then the 20-day moving average crossing at 813.40. First support is
today's low crossing at 783.00 then November's low crossing at 780.40.

March silver closed higher on Monday as it consolidated some of last Friday's decline. The high-range close sets the stage for a
steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways
to lower prices are possible near-term. If March extends last month's decline, the reaction low crossing at 13.500 is the next
downside target. Closes above the 20-day moving average crossing at 14.869 are needed to confirm that a short-term low has
been posted. First resistance is the 10-day moving average crossing at 14.610 then the 20-day moving average crossing at
14.869. First support is today's low crossing at 13.960 then the reaction low crossing at 13.500.

January crude oil closed slightly lower on Monday as it extended last week's decline and tested the 38% retracement level of this
fall's rally crossing at .8741. A short covering rally tempered early losses and the mid-range close sets the stage for a steady
opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are
possible near-term. If January extends today's decline, the 50% retracement level of this fall's rally crossing at .8374 is the next
downside target. Closes above the 10-day moving average crossing at 94.10 would temper the near-term bearish outlook. First
resistance is the 25% retracement level crossing at 91.51. Second resistance is the 20-day moving average crossing at 93.97.
First support is today's low crossing at 87.14 then the 50% retracement level crossing at .8374.

January Henry natural gas gapped down and closed lower on Monday as it extended last week's decline below September's low
crossing at 7.561. A short covering rally tempered early losses and the high-range close sets the stage for a steady to higher
opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish 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 10-day moving average crossing at 7.685 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 7.685 then the 20-day moving average crossing at 7.946. First support is
today's low crossing at 7.038 then weekly support crossing at 6.801.