outlook

February gold closed lower on Thursday and below the 10-day moving average crossing at 884.60 signaling 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
turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at
857.79 are needed to confirm that a short-term top has been posted. If February renews this winter's rally, monthly resistance
crossing at 930.00 is the next upside target. First resistance is Tuesday's high crossing at 916.10 then monthly resistance
crossing at 930.00. First support is Wednesday's low crossing at 875.00 then the 20-day moving average crossing at 857.90.

March silver posted an inside day with a higher close on Thursday as it consolidated some of this week's decline. The mid-range
close sets the stage for a steady opening on Friday. Stochastics and the RSI have turned bearish hinting that a double top with
November's high might have been posted earlier this week. Closes below the 20-day moving average crossing at 15.381 would
confirm that a double top with November's high has been posted. If March renews the rally off December's low, weekly
resistance crossing at 17.000 is the next upside target. First resistance is Monday's high crossing at 16.715 then weekly
resistance crossing at 17.000. First support is Wednesday's low crossing at 15.770 then the 20-day moving average crossing at
15.380.

March copper closed lower on Thursday and spiked below the 20-day moving average crossing at 316.80 hinting that a short-
term top might have been posted. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at
316.14 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low, the 62%
retracement level of the October-December decline crossing at 340.79 is the next upside target. First resistance is today's high
crossing at 324.60. Second resistance is the 50% retracement level crossing at 330.22. First support is today's low crossing at
313.00. Second support is the reaction low crossing at 302.20.

February crude oil closed lower on Thursday as it extended this month's decline. The low-range close sets the stage for a steady
to lower opening on Friday. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower
prices are possible. If February extends this month's decline, December's low crossing at 85.37 is the next downside target.
Closes above the 20-day moving average crossing at 94.56 would temper the near-term bearish outlook in the market. First
resistance is the 10-day moving average crossing at 93.81. Second resistance is the 20-day moving average crossing at 94.56.
First support is Wednesday's low crossing at 89.26. Second support is December's low crossing at 85.37.

February Henry natural gas closed lower on Thursday extending this week's decline and closed below the 10-day moving
average crossing at 8.100 signaling that a short-term top has been posted. The mid-range close sets the stage for a steady
opening on Friday. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top might be in or
is near. Closes below the 20-day moving average crossing at 7.737 are needed to confirm that a short-term top has been posted.
If February renews 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 Monday's high crossing at 8.227 then the 75% retracement level crossing at 8.540. First
support is today's low crossing at 7.933. Second support is the 20-day moving average crossing at 7.737.

MCXARUN
9994500540