outlook

February gold closed higher on Thursday as it extends last Friday's rally above the 20-day moving average crossing at 808.10.
The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. 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 835.50
then the reaction high crossing at 844.20. First support is the 10-day moving average crossing at 810.90 then the 20-day moving
average crossing at 808.10.

March silver closed slightly lower on Thursday and as it consolidated some of this week's rally but remains above the 20-day
moving average crossing at 14.456. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI
remain 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 14.905 then the reaction high
crossing at 14.975. First support is the 20-day moving average crossing at 14.456 then the 10-day moving average crossing at
14.369.

February crude oil closed higher on Thursday as it extended this week'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 Friday. Stochastics and the RSI remain bullish
signaling that sideways to higher prices are possible near-term. If February extends this week's rally, November's high crossing
at 98.12 is the next upside target. Closes below the 20-day moving average crossing at 91.04 would temper the near-term
friendly outlook in the market. A close below the reaction low crossing at 85.60 would renew the decline off November's high.
First resistance is today's high crossing at 97.79. Second resistance is November's high crossing at 98.12. First support is the
10-day moving average crossing at 92.77 then the 20-day moving average crossing at 91.04.

February Henry natural gas closed slightly higher on Thursday but remains below the 10-day moving average crossing at 7.224.
The mid-range close sets the stage for a steady opening on Friday. 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 today's high crossing at 7.380 then the reaction high crossing at 7.608. First support is
today's low crossing at 6.950 then weekly support crossing at 6.801.

MCXARUN
9994500540