outlook

February gold closed lower on Tuesday as it consolidated some of this winter's rally. The low-range close sets the stage for a
steady to lower opening on Wednesday. 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 930.00 is the next
upside target. Closes below the 10-day moving average crossing at 881.00 would signal that a short-term top has been posted.
First resistance is today's high crossing at 916.10 then monthly resistance crossing at 930.00. First support is the 10-day
moving average crossing at 881.00 then November's high crossing at 855.00.

March silver closed lower on Tuesday and as it consolidated some of the rally off December's low. The low-range close sets the
stage for a steady to lower opening on Wednesday. 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, weekly
resistance crossing at 17.000 is the next upside target. Closes below the 10-day moving average crossing at 15.846 would
confirm that a double top with November's high has been posted. First resistance is Monday's high crossing at 16.715 then
weekly resistance crossing at 17.000. First support is the 10-day moving average crossing at 15.846 then the 20-day moving
average crossing at 15.190.

March copper closed lower on Tuesday and below the 50% retracement level of the October-December decline crossing at
330.22 as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI are 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 313.32 would confirm that a
short-term low has been posted. First resistance is last Wednesday's high crossing at 337.85 then the 62% retracement level
crossing at 340.79. First support is today's low crossing at 322.00. Second support is last Thursday's low crossing at 321.50.

February crude oil closed lower on Tuesday as it extended last week's decline below the 20-day moving average crossing at
94.58. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bearish
signaling that sideways to lower prices are possible. If February extends this month's decline, the reaction low crossing at 89.15
is the next downside target. Closes above the 10-day moving average crossing at 95.62 would temper the near-term bearish
outlook in the market. First resistance is the 20-day moving average crossing at 94.58. Second resistance is the 10-day moving
average crossing at 95.62. First support is today's low crossing at 90.98. Second support is the reaction low crossing at 89.15.

February Henry natural gas closed lower on Tuesday and below the 62% retracement level of the November-December decline
crossing at 8.260 as it consolidated some of the rally off December's low. 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, the 75% retracement level of the November-December decline
crossing at 8.540 is the next upside target. First resistance is Monday's high crossing at 8.227 then the 75% retracement level
crossing at 8.540. First support is the 10-day moving average crossing at 8.032. Second support is the 50% retracement level
crossing at 8.010.

MCXARUN
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