OUT LOOK

February gold posted a downside reversal due to profit taking on Wednesday as it consolidated some of this winter's rally but
remains above monthly resistance crossing at 874.00. The low-range close sets the stage for a steady to lower opening on
Thursday. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near-
term. If February extends this winter's rally, Monthly resistance crossing at 900.00 is the next upside target. Closes below the
10-day moving average crossing at 855.60 would signal that a short-term top has been posted. First resistance is today's high crossing at 894.40 then monthly resistance crossing at 900.00. First support is the 10-day moving average crossing at 855.60
then the 20-day moving average crossing at 832.10.

March silver posted a downside reversal on Wednesday and as it consolidated some of the rally off December's high but
remains above the 75% retracement level of the November-December decline crossing at 15.768. The low-range close sets the
stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remains neutral to bullish
signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, November's
high crossing at 16.445 is the next upside target. Closes below the 20-day moving average crossing at 14.818 would confirm
that a short-term top has been posted. First resistance is today's high crossing at 16.270 then November's high crossing at
16.445. First support is the 10-day moving average crossing at 15.260 then the 20-day moving average crossing at 14.818.

March copper closed lower on Wednesday as it consolidated some of the rally off December's low and closed below the 50%
retracement level of the October-December decline crossing at 330.22. The low-range close sets the stage for a steady to lower
opening on Thursday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends the rally off December's low, the 62% retracement level of the October-
December decline crossing at 340.79 is the next upside target. Closes below the 20-day moving average crossing at 307.64
would confirm that a short-term low has been posted. First resistance is today's high crossing at 337.85 then the 62%
retracement level crossing at 340.79. First support is today's low crossing at 325.90 then the 38% retracement level of the
October-December decline crossing at 319.65.

February crude oil closed lower on Wednesday as it consolidates below the 10-day moving average crossing at 96.83. The low-
range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible. Closes below the 20-day moving average crossing at 94.37 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 Monday's low crossing at 94.47. Second support is the 20-day moving average crossing at 94.37.

February Henry natural gas closed higher on Wednesday and above the 50% retracement level of the November-December
decline crossing at 8.010. The mid-range close sets the stage for a steady opening on Thursday. 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 62% retracement level of the November-December decline crossing at 8.260 is the next upside target. First
resistance is today's high crossing at 8.200 then the 62% retracement level crossing at 8.260. First support is the 50%
retracement level crossing at 8.010. Second support is the 38% retracement level crossing at 7.759.

MCXARUN
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