outlook

METALS: April gold futures closed down $2.00 at $930.80
today. Prices closed near mid-range after hitting another
fresh contract and all-time high today. Profit taking was
featured and the bulls are still technically very strong
amid no strong clues that a market top is close at hand.
Bulls' next upside price objective is to produce a close
above major psychological resistance at $1,000.00.

March silver futures closed up 5.0 cents at $16.80 an ounce
today. Prices closed nearer the session high today and hit
a fresh contract high and a fresh 28-year high. Silver
bulls have the solid near-term technical advantage.

March N.Y. copper closed up 1,095 points at 329.90 cents
today. Prices closed nearer the session high on more short
covering. However, U.S. economic recession worries will
limit the upside in copper. Bulls' next upside objective is
closing prices above solid technical resistance at the
January high of 337.85 cents.

ENERGIES: March crude oil closed up $0.65 at $91.64 a
barrel today. Prices closed near the session high again
today. Bulls are regaining fresh upside technical momentum.
The next downside price objective for the bears is
producing a close below solid technical support at $89.00 a
barrel.

March natural gas closed down 9.7 cents at $7.945 today.
Prices closed near mid-range today and did score a bearish
"outside day" down on the daily bar chart. Bears have the
near-term technical advantage. The next upside price
objective for the bulls is closing prices above solid
technical resistance at $8.20.

MCXARUN
9994500540