OUT LOOK

February gold closed lower on Friday extending Thursday's decline below the 10-day moving average crossing at 806.40. The
low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling
that sideways to lower prices are possible near-term. If February extends this week's decline, November's low crossing at
780.40 is the next downside target. Closes above Wednesday's high crossing at 822.80 would renew the rally off November's
low. From a broad perspective, February gold needs to close above 855.00 or below 780.40 to confirm a breakout of the late-
fall trading range and point the direction of the next trending move. First resistance is Wednesday's high crossing at 822.80 then
the reaction high crossing at 844.20. First support is last Thursday's low crossing at 790.90 then last Monday's low crossing at
783.00.

March silver closed lower on Friday and spiked below the previous reaction low crossing at 13.960 as it extends this week's
decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning
bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 13.960 would
renew the decline off November's low opening the door for a possible test of October's low crossing at 13.360 later this winter.
First resistance is the 20-day moving average crossing at 14.558 then Tuesday's high crossing at 14.975. First support is
today's low crossing at 13.870 then October's low crossing at 13.360.


January crude oil closed lower on Friday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a
steady to lower opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible
near-term. If January renews this week's rally, the reaction high crossing at .9768 is the next upside target. Closes below the 10-
day moving average crossing at 89.67 would temper the near-term friendly outlook in the market. A close below last week's low
crossing at .8582 would renew the decline off November's high. First resistance is Thursday's high crossing at 94.85. Second
resistance is the reaction high crossing at 97.68. First support is today's low crossing at 90.60 then the 10-day moving average
crossing at .8994.


January Henry natural gas closed lower on Friday and below the 10-day moving average crossing at 7.178 signaling that a
short-term top has likely been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics
and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. If January renews the decline off
November's high, weekly support crossing at 6.801 is the next downside target. Closes above the 20-day moving average
crossing at 7.477 are needed to confirm that a short-term low has been posted. First resistance is today's high crossing at 7.207
then the 20-day moving average crossing at 7.477. First support is Today's low crossing at 7.000 then Monday's low crossing
at 6.950.