OUT LOOK

February gold posted an inside day with a lower close on Wednesday as it consolidated some of Tuesday's rally and 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
Thursday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes
above last Wednesday's high crossing at 822.80 would renew the rally off November's low. If February renews last week's
decline, November's low crossing at 780.40 is the next downside target. 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 Wednesday and as it consolidated some of last week's decline. The high-range close sets the stage
for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral hinting that a short-term low might be
forming. Nevertheless, 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 14.497 would signal that a short-
term low has been posted. First resistance is the 10-day moving average crossing at 14.429 then the 20-day moving average
crossing at 14.497. First support is Monday's low crossing at 13.740 then October's low crossing at 13.360.

February crude oil closed higher on Wednesday as it consolidates some of this week's decline. The mid-range close sets the
stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If February renews last week's rally, the reaction high crossing at .9660 is the next upside target.
Closes below Tuesday's low crossing at 89.15 would temper the near-term friendly outlook in the market. A close below the
reaction low crossing at .8560 would renew the decline off November's high. First resistance is Tuesday's high crossing at
93.00. Second resistance is last Wednesday's high crossing at 94.72. First support is Tuesday's low crossing at 89.15 then the
38% retracement level of this year's rally crossing at 86.67.

January Henry natural gas closed slightly higher on Wednesday as it consolidated some of last week's decline. The high-range
close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 7.387 are needed to
confirm that a short-term low has been posted. If January extends the decline off November's high, weekly support crossing at
6.801 is the next downside target. First resistance is today's high crossing at 7.210 then the 20-day moving average crossing at
7.352. First support is Monday's low crossing at 6.914 then weekly support crossing at 6.801.