outlook

April gold closed higher on Monday as it extended last Friday's rally above the 10-day moving average crossing at 916.20. The
high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned 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 last Tuesday's low crossing at 888.40 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 931.00 then January's high crossing at 942.20. First support is the 10-day moving
average crossing at 916.20. Second support is the 10-day moving average crossing at 909.40.

March silver closed higher on Monday and above the previous reaction high crossing at 17.345 thereby renewing this winter's
rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish
signaling that sideways to higher prices are possible near-term. If March extends this week's rally, monthly resistance crossing
at 17.870 is the next upside target. First resistance is today's high crossing at 17.595 then monthly resistance crossing at
17.870. First support is the 10-day moving average crossing at 16.851 then the 20-day moving average crossing at 16.550.

March copper closed higher for the fourth day in a row on Monday as it extended last Friday's rally above the 75% retracement
level of the October-December decline crossing at 352.60. The mid-range close sets the stage for a steady opening on Tuesday.
Stochastics and the RSI are overbought but remain 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 334.63 would confirm that a short-term top has been posted. First resistance is today's high
crossing at 359.90. Second resistance is the 87% retracement level crossing at 363.80. First support is today's low crossing at
351.95. Second support is the 62% retracement level crossing at 340.77.

March crude oil closed sharply higher on Monday and closed above the previous reaction high crossing at 92.71. Today's high-
range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signaling that
sideways to higher prices are possible near-term. If March extends today's rally, the reaction high crossing at 96.92 is the next
upside target. Closes below the 20-day moving average crossing at 90.33 would temper the near-term friendly outlook in the
market. First resistance is today's high crossing at 94.92. Second resistance is the reaction high crossing at 96.92. First support
is the 20-day moving average crossing at 90.33. Second support is last week's low crossing at 86.24.

March Henry natural gas gapped up and closed sharply higher on Monday as cold weather continues to descend across large
portions of the U.S. triggering increased heating demand. The high-range close sets the stage for a steady to higher opening on
Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If March
extends this week's rally, November's high crossing at 8.830 is the next upside target. Closes below today's gap crossing at
8.330 would temper the near-term friendly outlook in the market. First resistance is today's high crossing at 8.627 then
November's high crossing at 8.830. First support is today's gap crossing at 8.330. Second support is the 10-day moving
average crossing at 8.057.

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