outlook

February gold closed higher on Tuesday as it consolidated some of last week's decline. The high-range close sets the stage for a
steady to higher opening on Wednesday. Stochastics and the RSI are neutral to 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 812.30 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 810.60 then the 20-day moving average crossing at 812.30. First support is
Monday's low crossing at 783.00 then November's low crossing at 780.40.

March silver closed higher on Tuesday as it consolidated some of last Friday's decline. The high-range close sets the stage for a
steady to higher opening on Wednesday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a
short-term low might be in or is near. 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 14.811 are needed to confirm that a short-term low has
been posted. First resistance is the 10-day moving average crossing at 14.582 then the 20-day moving average crossing at
14.811. First support is Monday's low crossing at 13.960 then the reaction low crossing at 13.500.

January crude oil closed lower on Tuesday as it extended last week's decline and tested the 38% retracement level of this fall's
rally crossing at .8741. The mid-range close sets the stage for a steady opening on Wednesday. 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, the 50% retracement level of this fall's rally crossing at .8374 is the next downside target. Closes above the 20-day
moving average crossing at 93.64 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 93.64. First support is Monday's low crossing at
87.14 then the 50% retracement level crossing at .8374.

January Henry natural gas closed lower on Tuesday as it extended last week's decline below September's low crossing at 7.561.
A short covering rally tempered early losses and the low-range close sets the stage for a steady to lower opening on Wednesday.
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 7.613 would confirm that a short-term low has been posted. First resistance is the 10-day
moving average crossing at 7.613 then the 20-day moving average crossing at 7.890. First support is Monday's low crossing at
7.038 then weekly support crossing at 6.801.

MCXARUN