outlook

February gold closed higher on Friday and above the 20-day moving average crossing at 807.40. The high-range close sets the
stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to 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. 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 today's high crossing at 816.70
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 Friday and as it extended this week's rally and closed above the 20-day moving average crossing
at 14.453. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned
bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average
confirms that a short-term low has been posted. If March extends this week's rally, this month's high crossing at 14.975 is the
next upside target. First resistance is today's high crossing at 14.580 then the reaction high crossing at 14.975. First support is
Monday's low crossing at 13.740 then October's low crossing at 13.360.

February crude oil closed sharply higher on Friday as it rebounded off the 25% retracement level of the August-November rally
crossing at 90.65. The high-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 today's high crossing at 93.84. 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.

February Henry natural gas closed higher on Friday and above the 10-day moving average crossing at 7.260. The high-range
close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. Closes above the 20-day moving average crossing at 7.373 are needed to confirm that a
short-term low has been posted. If February renews the decline off November's high, weekly support crossing at 6.801 is the
next downside target. First resistance is Thursday's high crossing at 7.352 then the 20-day moving average crossing at 7.373.
First support is Monday's low crossing at 7.045 then weekly support crossing at 6.801.

MCXARUN
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