OUT LOOK

February gold closed lower on Friday as it consolidated some of this week's rally but remains above resistance marked by
November's high crossing at 855.00. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the
RSI are overbought but are neutral signaling that sideways to higher prices are possible near-term. If February extends this
month's rally, weekly resistance crossing at 874.00 is the next upside target. Closes below the 10-day moving average crossing
at 836.90 would signal that a double top with November's high has been posted. First resistance is Thursday's high crossing at
872.90 then weekly resistance crossing at 874.00. First support is the 10-day moving average crossing at 836.90 then the 20-
day moving average crossing at 822.00.

March silver closed lower on Friday and as it consolidated some of this week's rally. The mid-range close sets the stage for a
steady opening on Monday. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends this week's rally, the 75% retracement level of the November-December
decline crossing at 15.768 is the next upside target. Closes below the 20-day moving average crossing at 14.669 would confirm
that a short-term top has been posted. First resistance is today's high crossing at 15.570 then the 75% retracement level crossing
at 15.768. First support is the 10-day moving average crossing at 14.914 then the 20-day moving average crossing at 14.669.

February crude oil closed lower on Friday due to profit taking as it consolidates below psychological resistance crossing at $100
per barrel. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought
but are neutral signaling that sideways to higher prices are possible. If February extends this week's rally above November's
high crossing at 98.12, upside targets will be hard to project now that February is trading into uncharted territory. Closes below
the 20-day moving average crossing at 93.28 would temper the near-term friendly outlook in the market. First resistance is
Thursday's high crossing at 100.09. First support is broken resistance marked by November's high crossing at 98.12. Second
support is the 10-day moving average crossing at 95.92.

February Henry natural gas closed higher on Friday and closed above the 38% retracement level of the November-December
decline crossing at 7.759. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the
RSI remain bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, the
50% retracement level of the November-December decline crossing at 8.010 is the next upside target. First resistance is
Thursday's high crossing at 7.980 then the 50% retracement level crossing at 8.010. First support is today's low crossing at
7.500. Second support is the 10-day moving average crossing at 7.425.

MCXARUN
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