OUT LOOK

February gold closed lower on Monday as it consolidated some of last week's rally but remains above resistance marked by
November's high crossing at 855.00. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics
and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near-term. If February
extends last month's rally, weekly resistance crossing at 874.00 is the next upside target. Closes below the 10-day moving
average crossing at 842.90 would signal that a double top with November's high has been posted. First resistance is last
Thursday's high crossing at 872.90 then weekly resistance crossing at 874.00. First support is the 10-day moving average
crossing at 842.90 then the 20-day moving average crossing at 824.80.

March silver closed lower on Monday and as it consolidated some of last week's rally. The low-range close sets the stage for a
steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remains neutral to bullish signaling that
sideways to higher prices are possible near-term. If March extends last week's rally, the 75% retracement level of the
November-December decline crossing at 15.768 is the next upside target. Closes below the 20-day moving average crossing at
14.704 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 15.570 then the
75% retracement level crossing at 15.768. First support is the 10-day moving average crossing at 15.010 then the 20-day
moving average crossing at 14.704.

February crude oil closed sharply lower on Monday due to profit taking and closed below the 10-day moving average crossing
at 96.37 signaling that a short-term top has likely been posted. The low-range close sets the stage for a steady to lower opening
on Tuesday. Stochastics and the RSI are overbought, diverging and are turning bearish signaling that sideways to lower prices
are possible. Closes below the 20-day moving average crossing at 93.56 are needed to confirm that a top has been posted If
February renews last week's rally above November's high crossing at 98.12, upside targets will be hard to project now that
February has traded into uncharted territory. First resistance is last Thursday's high crossing at 100.09. First support is today's
low crossing at 94.47. Second support is the 20-day moving average crossing at 93.57.

February Henry natural gas closed higher on Monday as it consolidates above the 38% retracement level of the November-
December decline crossing at 7.759. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics
and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If
February extends this week's rally, the 50% retracement level of the November-December decline crossing at 8.010 is the next
upside target. First resistance is last Thursday's high crossing at 7.980 then the 50% retracement level crossing at 8.010. First
support is last Friday's low crossing at 7.500. Second support is the 10-day moving average crossing at 7.490.
CURRENCIES

The March Dollar closed higher on Monday as it consolidated some of last week's decline. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain to bearish signaling that sideways
to lower prices are possible near-term. If March extends last week's decline, November's low crossing at 74.80 is the next
downside target. Closes above the 20-day moving average crossing at 76.75 would temper the near-term bearish outlook in the
market. First resistance is the 10-day moving average crossing at 76.59 then the 20-day moving average crossing at 76.76. First
support is last Friday's low crossing at 75.45. Second support is November's low crossing at 74.80.

MCXARUN
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