OUT LOOK

February gold closed sharply higher on Thursday as it extended this winter's rally. The high-range close sets the stage for a
steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher
prices are possible near-term. If February extends this winter's rally, Monthly resistance crossing at 900.00 is the next upside
target. Closes below the 10-day moving average crossing at 855.60 would signal that a short-term top has been posted. First
resistance is today's high crossing at 897.30 then monthly resistance crossing at 900.00. First support is the 10-day moving
average crossing at 862.40 then November's high crossing at 855.00.

March silver posted a key reversal up on Thursday and as it extended the rally off December's high and closed above the 87%
retracement level of the November-December decline crossing at 16.106. The high-range close sets the stage for a steady to
higher opening on Friday. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends the rally off December's low, November's high crossing at 16.445 is the
next upside target. Closes below the 20-day moving average crossing at 14.889 would confirm that a short-term top has been
posted. First resistance is today's high crossing at 16.355 then November's high crossing at 16.445. First support is the 10-day
moving average crossing at 15.405 then the 20-day moving average crossing at 14.889.

March copper closed lower on Thursday as it consolidates below the 50% retracement level of the October-December decline
crossing at 330.22. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the
rally off December's low, the 62% retracement level of the October-December decline crossing at 340.79 is the next upside
target. Closes below the 20-day moving average crossing at 316.54 would confirm that a short-term low has been posted. First
resistance is Wednesday's high crossing at 337.85 then the 62% retracement level crossing at 340.79. First support is today's
low crossing at 321.50 then the 38% retracement level of the October-December decline crossing at 319.65.

February crude oil closed lower on Thursday and below the 20-day moving average crossing at 94.57 confirming 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 bearish signaling that sideways to lower prices are possible. If February extends this week's decline, the reaction low
crossing at 89.15 is the next downside target. Closes above Wednesday's high crossing at 97.97 would temper the near-term
bearish outlook in the market. First resistance is today's high crossing at 96.24. Second resistance is Wednesday's high crossing
at 97.97. First support is today's low crossing at 93.25. Second support is the reaction low crossing at 89.15.

February Henry natural gas closed higher on Thursday and above the 62% retracement level of the November-December decline
crossing at 8.260 as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening
on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If February extends this week's rally, the 75% retracement level of the November-December decline
crossing at 8.540 is the next upside target. First resistance is today's high crossing at 8.284 then the 75% retracement level
crossing at 8.540. First support is the 50% retracement level crossing at 8.010. Second support is the 38% retracement level
crossing at 7.759.

MCXARUN
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