outlook

February gold closed lower on Thursday as it consolidates below the 20-day moving average crossing at 808.10. The low-range
close sets the stage for a steady opening on Friday. 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 are needed to 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 808.10 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 Thursday and as it extended this week's rally. The high-range close sets the stage for a steady to
higher opening on Friday. Stochastics and the RSI are turning bullish signaling that a short-term low might be forming. Closes
above the 20-day moving average crossing at 14.476 would confirm that a short-term low has been posted. Closes below
Monday's low crossing at 13.740 would open the door for a possible test of October's low crossing at 13.360 later this winter.
First resistance is today's high crossing at 14.450 then the 20-day moving average crossing at 14.476. First support is
Monday's low crossing at 13.740 then October's low crossing at 13.360.

March copper closed slightly higher on Thursday as it extended this week's short covering rally. Profit taking tempered early
gains and the low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold and
are turning bullish signaling that a double bottom with November's low might be forming. Closes above the 20-day moving
average crossing at 302.70 would confirm that a double bottom has been posted. If March renews this month's decline, weekly
support crossing at 273.76 is the next downside target. First resistance is today's high crossing at 301.70 then the 20-day
moving average crossing at 302.70. First support is Monday's low crossing at 287.75 then weekly support crossing at 273.76.

February crude oil posted an inside day with a slightly lower close on Thursday as it consolidates above the 25% retracement
level of the August-November rally crossing at 90.65. The mid-range close sets the stage for a steady opening on Friday.
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 lower on Thursday ending a three-day short covering bounce. The mid-range close sets the
stage for a steady opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are
possible near-term. Closes above the 20-day moving average crossing at 7.317 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 7.250 then the 20-day moving average crossing at 7.317. First support is Monday's
low crossing at 6.914 then weekly support crossing at 6.801.