outlook

April gold closed higher on Friday and above the 10-day moving average crossing at 916.90 tempering the near-term bearish
outlook in the market. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI
are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally,
January's high crossing at 942.20 is the next upside target. Closes below Tuesday's low crossing at 888.40 would open the door
for a larger-degree decline during February. First resistance is today's high crossing at 924.50 then January's high crossing at
942.20. First support is the 20-day moving average crossing at 908.30. Second support is Tuesday's low crossing at 888.40.

March silver closed higher on Friday and the high-range close sets the stage for a steady to higher opening on Monday.
Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March
extends this week's rally, this month's high crossing at 17.345 then weekly resistance crossing at 17.500 are the next upside
targets. First resistance is today's high crossing at 17.220 then last Friday's high crossing at 17.345. First support is today's
low crossing at 16.785 then the 20-day moving average crossing at 16.494.

March copper closed sharply higher for the third day in a row on Friday and spiked above the 75% retracement level of the
October-December decline crossing at 352.60. The high-range close sets the stage for a steady to higher opening on Monday.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends today's
rally, the 87% retracement level crossing at 363.80 is the next upside target. Closes below the 10-day moving average crossing
at 330.82 would confirm that a short-term top has been posted. First resistance is today's high crossing at 356.40. Second
resistance is the 87% retracement level crossing at 363.80. First support is today's low crossing at 342.50. Second support is
the 62% retracement level crossing at 340.77.

March crude oil closed sharply higher on Friday and above the 20-day moving average crossing at 90.25. Today's high-range
close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling
that sideways to higher prices are possible near-term. Closes above last week's high crossing at 92.71 are needed to confirm that
a short-term low has been posted. If March extends the decline off last week's high, January's low crossing at 85.42 is the next
downside target. First resistance is today's high crossing at 91.94. Second resistance is last week's high crossing at 92.71. First
support is Thursday's low crossing at 86.24. Second support is January's low crossing at 85.42.

March Henry natural gas closed higher on Friday and the high-range close sets the stage for a steady to higher opening on
Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If March
extends this week's rally, January's high crossing at 8.397 is the next downside target. Closes below the 20-day moving average
crossing at 7.980 would temper the near-term friendly outlook in the market. First resistance is today's high crossing at 8.33
then January's high crossing at 8.397. First support is today's low crossing at 8.059. Second support is the 20-day moving
average crossing at 7.980.

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