OUTLOOK

February gold closed sharply lower on Friday as it extended this week's decline. The low-range close sets the stage for a steady
to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term.
If December extends this week's decline, November's low crossing at .780.40 is the next downside target. Closes above the 20-
day moving average crossing at 814.40 would confirm that a short-term low has been posted. First resistance is the 10-day
moving average crossing at 808.40 then the 20-day moving average crossing at 814.40. First support is today's low crossing at
785.00 then November's low crossing at 780.40.

December silver closed lower on Friday and below this month's low crossing at 13.980. The mid-range close sets the stage for a
steady opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-
term. If December renews this month's decline, the reaction low crossing at 13.325 is the next downside target. Closes above the
reaction high crossing at 15.155 are needed to confirm that a short-term low has been posted. First resistance is the 10-day
moving average crossing at 14.416 then the 20-day moving average crossing at 14.707. First support is today's low crossing at
13.760 then the reaction low crossing at 13.325.


January crude oil closed slightly lower on Friday as it extended this week's decline. A short covering rally tempered early losses
and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish
signaling that sideways to lower prices are possible near-term. If January extends this week's decline, the 38% retracement level
of this fall's rally crossing at .8741 is the next downside target. Closes above the 10-day moving average crossing at 94.91
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 94.30. First support is Friday's low crossing at 88.52 then the 38% retracement level
crossing at .8741.

January Henry natural gas closed lower on Friday as it extended this week's decline below September's low crossing at 7.561.
The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain
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 7.776 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average crossing at 7.776 then the 20-day moving average
crossing at 8.005. First support is today's low crossing at 7.276 then weekly support crossing at 6.801.