outlook

February gold closed higher on Wednesday as it extends last Friday's rally above the 20-day moving average crossing at
806.50. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. Today's close above the reaction high crossing at 822.80
renewed the rally off November's low. If February extends this week's rally, the reaction high crossing at 844.20 is the next
upside target. 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 today's high crossing at 830.20
then the reaction high crossing at 844.20. First support is the 20-day moving average crossing at 806.80 then the reaction low
crossing at 789.60.

March silver closed higher on Wednesday and as it extended last Friday's rally above the 20-day moving average crossing at
14.440. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. If March extends this week's rally, this month's high crossing at
14.975 is the next upside target. First resistance is today's high crossing at 14.900 then the reaction high crossing at 14.975.
First support is the 20-day moving average crossing at 14.440 then the 10-day moving average crossing at 14.369.

February crude oil closed sharply higher on Wednesday as it extended Monday's rally and closed above minor resistance
crossing at 94.72. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI
remain bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, the reaction
high crossing at 96.60 is the next upside target. Closes below last Tuesday's low crossing at 89.15 would temper the near-term
friendly outlook in the market. A close below the reaction low crossing at .8560 would renew the decline off November's high.
First resistance is today's high crossing at 96.54. Second resistance is November's high crossing at 98.12. First support is the
10-day moving average crossing at 92.52 then the 25% retracement level of this year's rally crossing at 90.64.

February Henry natural gas closed slightly higher on Wednesday but remains below the 10-day moving average crossing at
7.257. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning
bearish signaling that sideways to lower prices are possible near-term. If February renews the decline off November's high,
weekly support crossing at 6.801 is the next downside target. Closes above the reaction high crossing at 7.608 are needed to
confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.291 then the reaction
high crossing at 7.608. First support is last Monday's low crossing at 7.045 then weekly support crossing at 6.801.

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