outlook

February gold closed sharply higher on Tuesday as it extended this winter's rally and closed above monthly resistance crossing
at 874.00. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are
overbought but remain neutral signaling that sideways to higher prices are possible near-term. If February extends last month's
rally, Monthly resistance crossing at 900.00 is the next upside target. Closes below the 10-day moving average crossing at
849.60 would signal that a short-term top has been posted. First resistance is today's high crossing at 884.00 then monthly
resistance crossing at 900.00. First support is the 10-day moving average crossing at 849.60 then the 20-day moving average
crossing at 828.90.

March silver closed sharply higher on Tuesday and as it extended the rally off December's high and closed above the 75%
retracement level of the November-December decline crossing at 15.768. The high-range close sets the stage for a steady to
higher opening on Wednesday. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends last week's rally, the 87% retracement level of the November-December
decline crossing at 16.106 is the next upside target. Closes below the 20-day moving average crossing at 14.773 would confirm
that a short-term top has been posted. First resistance is today's high crossing at 15.850 then the 87% retracement level crossing
at 16.106. First support is the 10-day moving average crossing at 15.150 then the 20-day moving average crossing at 14.773.

March copper closed sharply higher on Tuesday extending the rally off December's low and closed above 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
Wednesday. Stochastics and the RSI are 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 306.77 would confirm that a short-term low has been posted.
First resistance is today's high crossing at 332.00 then the 62% retracement level crossing at 340.79. First support is today's
low crossing at 313.00 then the 20-day moving average crossing at 306.77.

February crude oil closed higher on Tuesday as it consolidated some of Monday's decline and closed above the 10-day moving
average crossing at 96.78. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are
overbought, diverging and are turning bearish signaling that sideways to lower prices are possible. Closes below the 20-day
moving average crossing at 94.02 are needed to confirm that a top has been posted. If February renews last week's rally above
November's high crossing at 98.12, upside targets will be hard to project now that February has traded into uncharted territory.
First resistance is last Thursday's high crossing at 100.09. First support is Monday's low crossing at 94.47. Second support is
the 20-day moving average crossing at 94.02.

February Henry natural gas closed higher on Tuesday as it extended the rally 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
Wednesday. 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 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 8.000 then the 50% retracement level
crossing at 8.010. First support is the 38% retracement level crossing at 7.759. Second support is the 10-day moving average
crossing at 7.558.

MCXARUN
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