OUT LOOK

February gold closed higher on Tuesday as it consolidated some of last week's decline but remains below the 20-day moving
average crossing at 808.70. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and
the RSI are turning neutral signaling that sideways trading is possible near-term. If February extends last week's decline,
November's low crossing at 780.40 is the next downside target. Closes above last Wednesday's high crossing at 822.80 would
renew the rally off November's low. From a broad perspective, February gold needs to close above 855.00 or below 780.40 to
confirm a breakout of the late-fall trading range and point the direction of the next trending move. First resistance is the 20-day
moving average crossing at 808.70 then last Wednesday's high crossing at 822.80. First support is Monday's low crossing at
789.60 then the reaction low crossing at 783.00.

March silver closed higher on Tuesday and as it consolidated some of last week's decline. The high-range close sets the stage
for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices
are possible near-term. Closes below the reaction low crossing at 13.960 would open the door for a possible test of October's
low crossing at 13.360 later this winter. Closes above the 20-day moving average crossing at 14.514 would signal that a short-
term low has been posted. First resistance is the 20-day moving average crossing at 14.514 then last Tuesday's high crossing at
14.975. First support is Monday's low crossing at 13.740 then October's low crossing at 13.360.

anuary crude oil closed slightly higher on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday.
Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January
renews last week's rally, the reaction high crossing at .9768 is the next upside target. Closes below the 10-day moving average
crossing at 90.32 would temper the near-term friendly outlook in the market. A close below the reaction low crossing at .8582
would renew the decline off November's high. First resistance is the 20-day moving average crossing at 91.76. Second
resistance is today's high crossing at 92.88. First support is today's low crossing at 88.88 then the 38% retracement level of this
year's rally crossing at .8741.

January Henry natural gas closed higher on Tuesday as it consolidated some of last week's decline but remains below the 10-
day moving average crossing at 7.158. The high-range close sets the stage for a steady to higher opening on Wednesday.
Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If January extends the decline
off November's high, weekly support crossing at 6.801 is the next downside target. Closes above the 20-day moving average
crossing at 7.387 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average
crossing at 7.158 then the 20-day moving average crossing at 7.387. First support is Monday's low crossing at 6.914 then
weekly support crossing at 6.801.