OUT LOOK

February gold closed higher on Friday as it extended this winter's rally. The high-range close sets the stage for a steady to
higher opening on Monday. 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 915.00 is the next upside target.
Closes below the 10-day moving average crossing at 869.00 would signal that a short-term top has been posted. First resistance
is today's high crossing at 900.10 then monthly resistance crossing at 915.00. First support is the 10-day moving average
crossing at 869.00 then November's high crossing at 855.00.

March silver closed higher on Friday and as it extended the rally off December's low. The high-range close sets the stage for a
steady to higher 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 the rally off December's low, November's high crossing at
16.445 is the next upside target. Closes below the 10-day moving average crossing at 15.562 would confirm that a short-term
top has been posted. First resistance is today's high crossing at 16.415 then November's high crossing at 16.445. First support
is the 10-day moving average crossing at 15.562 then the 20-day moving average crossing at 14.967.

March copper closed higher on Friday and above the 50% retracement level of the October-December decline crossing at
330.22 as it ended a two-day correction. The high-range close sets the stage for a steady to higher opening on Monday.
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 309.97 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 Thursday'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 Friday as it extends Thursday's breakout below the 20-day moving average crossing at
94.48 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on
Monday. Stochastics and the RSI remain 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 94.65. Second resistance
is the 10-day moving average crossing at 96.22. First support is today's low crossing at 92.31. Second support is the reaction
low crossing at 89.15.


February Henry natural gas closed lower on Friday and below the 62% retracement level of the November-December decline
crossing at 8.260 as it consolidated some of the rally off December's low. The mid-range close sets the stage for a steady
opening on Monday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or
is near. If February extends this month'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 8.410 then the 75% retracement level crossing at 8.540.
First support is the 50% retracement level crossing at 8.010. Second support is the 10-day moving average crossing at 7.862.

MCXARUN
9994500540