outlook

February gold closed lower on Wednesday ending a two-day short covering rally. The low-range close sets the stage for a steady
to lower opening on Thursday. Stochastics and the RSI are neutral to bullish hinting that a double bottom with November's low
appears to be forming. Closes above the 20-day moving average crossing at 810.20 would confirm that a short-term low has
been posted. If December extends last week's decline, November's low crossing at 780.40 is the next downside target. First
resistance is today's high crossing at 813.00 then the reaction high crossing at 844.20. First support is Monday's low crossing
at 783.00 then November's low crossing at 780.40.

March silver closed lower on Wednesday ending a two-day correction. The mid-range close sets the stage for a steady opening
on Thursday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near.
Closes above the 20-day moving average crossing at 14.754 are needed to confirm that a short-term low has been posted. If
March extends last month's decline, the reaction low crossing at 13.500 is the next downside target. First resistance is the 10-
day moving average crossing at 14.559 then the 20-day moving average crossing at 14.754. First support is Monday's low
crossing at 13.960 then the reaction low crossing at 13.500.

January crude oil closed lower on Wednesday and below the 38% retracement level of this fall's rally crossing at .8741 as it
extends last week's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the
RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends
the 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 93.28 would temper the near-term bearish outlook. First resistance is the 25% retracement level
crossing at 91.51. Second resistance is the 10-day moving average crossing at 92.32. First support is Monday's low crossing at
87.14 then the 50% retracement level crossing at .8374.

January Henry natural gas closed higher on Wednesday as it consolidates some of this week's decline but remains below broken
support marked by September's low crossing at 7.561. The mid-range close sets the stage for a steady opening on Thursday.
Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-
term. If January extends the decline off November's high, weekly support crossing at 6.801 is the next downside target. Closes
above the 10-day moving average crossing at 7.545 would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 7.545 then the 20-day moving average crossing at 7.849. First support is Monday's low
crossing at 7.038 then weekly support crossing at 6.801.