OUT LOOK

February gold closed lower on Monday as it consolidated some of last week's rally. The low-range close sets the stage for a
steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term
top might be in or is near. If February extends this month's rally, November's high crossing at 855.00 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 847.40 then
November's high crossing at 855.00. First support is the 10-day moving average crossing at 818.80 then the 20-day moving
average crossing at 812.60.

March silver closed slightly higher on Monday and as it extends last week's rally and spiked above the previous reaction high
crossing at 14.975. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are
becoming overbought but remains bullish signaling that sideways to higher prices are possible near-term. If March extends this
week's rally, the reaction high crossing at 15.220 is the next upside target. First resistance is today's high crossing at 15.080
then the reaction high crossing at 15.220. First support is the 10-day moving average crossing at 14.532 then the 20-day moving
average crossing at 14.517.

February crude oil closed lower on Monday as it consolidated some of last week's rally but remains above minor resistance
crossing at 94.72. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are
overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day
moving average crossing at 91.68 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. If February extends December's rally, November's high
crossing at 98.12 is the next upside target. First resistance is last Friday's high crossing at 97.92. Second resistance is
November's high crossing at 98.12. First support is the 10-day moving average crossing at 93.52 then the 20-day moving
average crossing at 91.68.

February Henry natural gas closed higher on Monday as it extended last Friday's rally above the 20-day moving average
crossing at 7.273. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI
have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at
7.608 are needed to confirm that a short-term low has been posted. If February renews the decline off November's high, weekly
support crossing at 6.801 is the next downside target. First resistance is today's high crossing at 7.530 then the reaction high
crossing at 7.608. First support is the 10-day moving average crossing at 7.268 then last Thursday's low crossing at 6.950.

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