outlook

February gold closed sharply lower on Thursday and below the 10-day moving average crossing at 805.40 tempering the near-
term friendly outlook in the market. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and
the RSI remain bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, the
reaction high crossing at 844.20 is the next upside target. Closes below November's low crossing at 780.40 would renew the
decline off last month's high while opening the door for a larger-degree decline into the end of the year. First resistance is
Wednesday's high crossing at 822.80 then the reaction high crossing at 844.20. First support is last Thursday's low crossing at
790.90 then last Monday's low crossing at 783.00.

March silver closed sharply lower on Thursday and below the 10-day moving average crossing at 14.521 signaling that a short-
term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI
are turning neutral hinting that sideways to lower prices are possible near-term. If March extends today's decline, the reaction
low crossing at 13.960 is the next downside target. Closes below this support level would renew the decline off November's low
thereby opening the door for a larger-degree decline this winter. First resistance is Tuesday's high crossing at 14.975 then the
reaction high crossing at 15.220. First support is today's low crossing at 14.100 then this month's low crossing at 13.960.

January crude oil closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for
a steady to lower opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible
near-term. If January extends this week's rally, the reaction high crossing at .9768 is the next upside target. Closes below the
10-day moving average crossing at 89.67 would temper the near-term friendly outlook in the market. A close below last week's
low crossing at .8582 would renew the decline off November's high. First resistance is today's high crossing at 94.85. Second
resistance is the reaction high crossing at 97.68. First support is today's low crossing at 91.85 then the 10-day moving average
crossing at .8967.


January Henry natural gas closed lower on Thursday as it consolidated some of Wednesday's rally but remains above the 10-
day moving average crossing at 7.209. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics
and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving
average crossing at 7.545 are needed to confirm that a short-term low has been posted. If January renews 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
7.529 then the 20-day moving average crossing at 7.545. First support is Monday's low crossing at 6.950 then weekly support
crossing at 6.801.