outlook

February gold closed sharply higher on Wednesday and above November's high crossing at 855.00. The high-range close sets
the stage for a steady to higher opening on Thursday. 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 824.90 would signal that a double top with
November's high has been posted. First resistance is today's high crossing at 864.90 then weekly resistance crossing at 874.00.
First support is the 10-day moving average crossing at 824.90 then the 20-day moving average crossing at 815.90.

March silver closed sharply higher on Wednesday and as it extends last week's rally above the previous reaction high crossing
at 14.975. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are
becoming 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 14.571 would confirm that a short-term top has been posted. First
resistance is today's high crossing at 15.415 then the 75% retracement level crossing at 15.768. First support is the 10-day
moving average crossing at 14.664 then the 20-day moving average crossing at 14.571.

February crude oil closed sharply higher on Wednesday and hit $100 per barrel as it closed well above November's high
crossing at 98.12. Unrest in Nigeria, which triggered supply concerns underpinned today's rally. The high-range close sets the
stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are neutral signaling that
sideways to higher prices are possible. Closes below the 20-day moving average crossing at 92.19 would temper the near-term
friendly outlook in the market. If February extends today's rally, upside targets will be hard to project now that February is
trading into uncharted territory. First resistance is today's high crossing at 100.00. First support is broken resistance marked by
November's high crossing at 98.12. Second support is the 10-day moving average crossing at 94.35.

February Henry natural gas gapped up and closed above the reaction high crossing at 7.608 on Wednesday confirming that a
low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI
are 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 today's high
crossing at 7.802 then the 50% retracement level crossing at 8.010. First support is the 10-day moving average crossing at
7.327 then the 20-day moving average crossing at 7.272.

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