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Key Points:

• Fed likely to embark on monetary tightening.
• Industrial Silver demand remains strong.
• Watch for sharp volatility and declines if the central bank hikes rates.

Silver has continued to see concerted selling pressure as price action remains trapped within the confines of the bearish channel. The past few days has seen price action trending strongly towards the upper channel constraint which now threatens a breakout of the medium term bearish trend. However, the question remains as to whether this is a definite breakout or simply a dead cat bounce ahead of the Fed potentially normalising interest rates.

In particular, the metal could potentially be facing a relatively large rout as the US economy continues to gear up for a range of monetary tightening. The risk of the Fed normalising rates was always ever present but as we move towards sustained economic growth and job gains it becomes relatively clear that the central bank will need to take action sooner, rather than later. Subsequently, the market is likely to focus upon the near term risk that a cycle of potential interest rate hikes poses

Any such move by the Fed would potentially send Silver reeling from its current level and forward forecasting shows that 75bps of hikes to the FFR, over the next year, would see the metal trading around the $14.00 an ounce mark. However, that risk might yet to be reflected within the Silver futures curve which is still showing rising prices throughout most of 2017 and 2018. Subsequently, if the Fed does indeed embark upon an adventure it could lead to the air escaping rapidly from the balloon which is currently financial markets.

Fortunately, the one fundamental factor which appears to be holding relatively static is the industrial demand for Silver. Physical demand continued to soar throughout most of 2016 which bodes well for the overall price direction and may be what much of the futures curve is based on. However, this ignores the impact of the waterfall effect as large institutions, such as JP Morgan, seek to continue floating derivative paper to ensure the metal remains depressed. Subsequently, it’s relatively unlikely that any of us will see a fair quote on COMEX any time soon.

Ultimately, Silver is in for a rough few months ahead as the volatility is likely to be fairly severe when the Fed tightening cycle eventually commences. That rate hikes are coming is largely inevitable, especially given some of the gains in inflation and the tightening of the job market, so it is imperative that position holders assess their reaction now before the madness of a ‘live’ FOMC meeting arrives.

Daily Pivots: (S1) 0.9916; (P) 0.9961; (R1) 1.0021; More.....

Intraday bias in USD/CHF remains neutral for the moment as the corrective rise from 0.9860 continues. As long as 1.0043 holds, deeper decline is expected. Current fall from 1.0342 is seen as the third leg of the pattern from 1.0327. Below 0.9860 will target 61.8% retracement of 0.9443 to 1.0342 at 0.9786 and below. On the upside, break of 1.0043 will indicate short term bottoming and turn bias back to the upside.

In the bigger picture, rejection from 1.0327 resistance suggests that consolidation pattern from there is still in progress. Fall from 1.0342 is seen as the third leg and retest of 0.9443/9548 support zone could be seen. But we'd expect strong support from there to contain downside. At this point, we're still expecting the larger rally to resume later to 38.2% retracement of 1.8305 to 0.7065 at 1.1359, after the consolidation completes.

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Key Points:

• Further gains could be realised moving ahead.
• Push above the 100 day EMA shows the metal’s underlying strength.
• Trump-based uncertainty also fuelling the rally.

Gold has been one of the big winners of the past few weeks and, much to the enjoyment of the gold bulls out there, its resurgence could be only partially complete. Notably, a number of technical signals are now in agreement that the metal could be midway to completing a rather sizable rally which could see it touch the post-US-election highs.

Primarily, the EMA bias present on the daily chart provides the clearest indication that upside potential could still be rather substantial. I am speaking of course of gold’s recent push above the relentlessly bearish 100 day average which made the metal’s underlying strength plain. Furthermore, this push higher significantly caps downside risks as the 100 day EMA should now be a source of dynamic support for gold prices.

Aside from the EMA activity, there are at least two other technical readings suggestive of continued gains moving ahead. Firstly, there is the Parabolic SAR reading which is in little danger of switching its trend in the near to medium-term. Secondly, there is evidence that an Elliot wave is forming up which could carry gold significantly higher over the coming weeks.

However, this forecasted push higher is likely to run into a small snag which should mean we see a brief period of moderation this week. Specifically, the 61.8% Fibonacci level appears to be holding firm despite the swell in buying pressure over the past session. Moreover, the RSI reading is verging on overbought which might need to be relieved slightly prior to any further surges for the metal.

Ultimately, it is likely to come down to the fundamentals if we hope to see the 1300.00 handle challenged yet again. Market uncertainty will be the key force among these fundamentals but, as always, finding a measure that captures this sentiment in no small task. However, if you’re not already doing so, keep a close eye on the Trump administration as a little common sense goes a long way in forecasting how the market will react to any given announcement.

Daily Pivots: (S1) 111.78; (P) 112.18; (R1) 112.77; More...

No change in USD/JPY's outlook. The choppy decline from 118.65 could extend lower. But such decline is seen as a correction. Hence, we'd expect strong support from 38.2% retracement of 98.97 to 118.65 at 111.13 to contain downside and bring rebound. Above 113.44 minor resistance will turn bias neutral first. Break of 115.36 resistance will argue that such correction is finished and turn bias to the upside for 118.65 high.

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. The impulsive structure of the rise from 98.97 suggests that the correction is completed and larger up trend is resuming. Decisive break of 125.85 will confirm and target 61.8% projection of 75.56 to 125.85 from 98.97 at 130.04 and then 135.20 long term resistance. Rejection from 125.85 and below will extend the consolidation with another falling leg before up trend resumption.

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Global Markets:

• Asian stock markets: Nikkei gained 0.20 %, Shanghai Composite lost 0.30 %, Hang Seng up 0.05 %, ASX 200 gained 0.60 %
• Commodities: Gold at $1235 (-0.10 %), Silver at $17.71 (-0.30 %), WTI Oil at $51.60 (-1.10 %), Brent Oil at $54.65 (-0.75 %)
• Rates: US 10-year yield at 2.39, UK 10-year yield at 1.29, German 10-year yield at 0.36

News & Data:

• Japan BoP Current Account Balance (Dec): JPY 1112.2 Bln (est JPY 1183.3 Bln prev JPY 1415.5 Bln)
• Japan BoP Current Account Balance Adjusted (Dec): JPY 1669.2 Bln (est JPY 1709.4 Bln prev JPY 1799.6 Bln)
• Japan Trade Balance BoP Basis (Dec): JPY 806.8 Bln (est JPY 738.9 Bln prev JPY 313.4 Bln)
• PBoC Fixes USDCNY Reference Rate At 6.8849 (prev fix 6.8604 prev close 6.8861)
• Asia shares down, euro pressured by doubts over Trump's policies, French election – RTRS
• U.S. trade deficit falls as exports hit more than 1-1/2 year high – RTRS

Markets Update:

A relatively quiet session in FX due to a lack of data and news. The Japanese Yen had the largest move overnight, with USD/JPY declining from 112.50 to 112.05. The outlook is still negative, and techs point to further losses. Support is now seen at 111.00.

The Euro is suffering from concerns about the upcoming French election. In Asia, it continued to trade with an offered tone and fell from 1.0690 to 1.0665. Support is noted at 1.0620, while resistance lies at 1.0720 and 1.0780.

The Pound has recovered a bit as the focus switched from Brexit to the political situation within the European Union. GBP/USD rose from 1.2480 to 1.2515 in Asia. However, the recovery looks fragile and tech suggest more losses are ahead.

Gold should continue to benefit from the risk-off sentiment in the markets and there is little resistance until $1252 now.

Upcoming Events:

• 13:15 GMT – Canadian Housing Starts
• 15:30 GMT – US Crude Oil Inventories
• 20:00 GMT – RBNZ Rate Decision
• 20:00 GMT – RBNZ Statement
• 21:00 GMT – RBNZ Governor Wheeler speaks
• 21:45 GMT – New Zealand Building Consents

Nearer term $ index outlook :

In the Jan 31st email, once again said that there was still no confirmation of a bottom but that lots of positives suggested that an important low may finally be near. The market pushed to a slight new low at 99.20 on Feb 2nd, within that previously discussed 'ideal' area to form a more important low at 99.00/25 (38% retracement and base of the bullish channel from May low at 91.90, multi-week falling support line) before bouncing. Note that the slowing downside momentum, technicals that are turning positive (see daily macd) and view of that month or 2 of downside since late Dec but with a resumption of the longer term gains above 103.80 after (see longer term below), all support this bottom/bottoming view. Though there is still no confirmation 'pattern-wise' (5 waves up for example), the market has broken above that bearish trendline from the Jan high and increasing the likelihood of such a bottom/bottoming (see in red on daily chart below). Nearby resistance is seen at 100.80/95 and 101.45/60 (38% retracement from the Jan 3rd high at 103.80). Key support remains in that 100.00/25 area. Bottom line : still no confirmation of a bottom 'pattern-wise', but the likelihood of an important low in that long discussed 'ideal' 100.00/25 area has increased.

Strategy/position:

Short from the Jan 11th sell at 102.80 and for now, would take profit (and if more aggressive) also reverse to the long side here (currently at 100.35 for 245 ticks). For now, would stop on a close 15 ticks below the base of the channel from May. As discussed above, there is still no confirmation of a low 'pattern-wise', but the likelihood has increased enough to warrant taking profit (and even reversing to the long side). Note too that even a break below the base of that channel would not abort the bigger picture bullish view, but would suggest a further period of bottoming.

Long term outlook:

No change in the longer term bullish view since May as well as the view since late Dec of a month or 2 of correcting within this longer term uptrend. Note that the action from the Jan 3rd high at 103.80 is seen as a correction (wave 4 in the rally from the May low at 91.90) and with eventual new highs above 103.80 after (within wave 5). As discussed above, the likelihood of a bottom has increased and with larger upmoves generally beginning with smaller ones, there is potential of that more major low as well (end of downside correction from Jan). Bottom line : long term bullish view since May remains with increasing potential of a more important bottom and new highs above 103.80 ahead.

Strategy/position:

With some potential of a more important bottom forming, would also switch that longer term bias to the bullish side here (currently at 100.35).

Current:

Near term : long Feb 7th at 100.35, still no confirmation of a bottom (some risk for more bottoming).
Last : short Jan 11th at 102.80, took profit Feb 7th at 100.35 (235 ticks).

Longer term : with increased potential of more important low, also switch bias to bull Feb 7th at 100.35.
Last: : bull bias Aug 24th at 94.75 to neutral Oct 28th at 98.35.

Daily Pivots: (S1) 0.7594; (P) 0.7637; (R1) 0.7669; More...

Intraday bias in AUD/USD is turned neutral with lost of upside momentum as seen in 4 hour MACD. Another rise cannot be ruled out yet. But considering bearish divergence condition in 4 hours MACD, we'd expect strong resistance from this resistance zone to limit upside and bring near term reversal. On the downside, break of 0.7510 minor support will indicate that rise from 0.7158 has completed already and turn bias back to the downside for this key near term support level.

In the bigger picture, we're still treading price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seek to 55 month EMA (now at 0.8205) and above.

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STOCKS

Dow and Dax may remain range bound with some possibility of moving higher in the medium term. Nikkei is trading above support and looks bullish while Shanghai may fall in the near term.

Dow (20090.29, +0.19%) and Dax (11549.44, +0.34%) closed at slightly higher levels. While Dow could remain in the 20200-20000 region for at least the next couple of sessions, Dax could test 11680-11820 region while support near 11400 holds in the near to medium term.

Nikkei (18875.57, -0.19%) is trading just above support near 18650 and if that holds, the index could bounce back towards 19000-19200 levels in the near term. But we need to keep a close watch on Dollar-Yen (112.13) which if breaks below 111.70 could pull down Nikkei with itself.

Immediate resistance on Shanghai (3141.53, -0.38%) is holding well for now and we could possibly see a fall towards 3125-3100 before pausing.

Nifty (8768.30, -0.37%) looks potentially bullish towards 8900 and could well move up in the next few sessions. All eyes on the RBI policy meet today which could also possible trigger an up move in case the central banks cut rates by 25bps.

COMMODITIES

Gold (1234.90) is stalling near our target/resistance of 1240 with no sign of fatigue yet but the highly overbought state of the metal and the stronger possibility of a reversal in Dollar in the near term warrant caution. In case, it rises and sustains above 1240, then much higher levels of 1280 may come into consideration but for now that remains the alternative scenario.

The bullish momentum in Silver (17.7290) remains intact above 17.60-50 which may push it to 18.00 or even 18.40 but any weakness in Gold may affect this precious metal too.

Brent (54.52) and WTI (51.53) are testing their immediate supports right now below which the chances of our preferred upside breakout from their respective 6-week ranges of 53-58 and 50-55 may weaken in the near term.

Copper (2.663) is bouncing back from the immediate support of 2.61 and may trade sideways in the range of 2.61-2.70 for the next few days before the next trending move.

FOREX

The initial signs of a bullish reversal in Dollar are visible but further confirmation required. Rupee will be dependent on the RBI meet today more than the global cues.

Dollar Index (100.31) has given the initial signal of a reversal to the upside in line with expectations but still needs further confirmation in the form of a break above 101.00. The Dollar bulls need to keep it above 100.15-00 to keep the chances of testing 101.00 open.

Euro (1.0685) has lost the upside momentum and the near term path depends on its success to hold above 1.0650 levels. If it manages to stay above 1.0650, then it may consolidate sideways in 1.0650-1.0800 for the next few sessions but a break below 1.0650 may drag it down to 1.0550-25 levels.

Dollar-Yen (112.12) has recovered above 112.00 just as expected and the downside may be arrested in the near term with chances of a rally to 114-115 getting slightly stronger now despite the downtrend still in play.

Pound (1.2473) had broken below the near term support of 1.24 but bounced back sharply on the back of an external member of the UK’s Monetary Policy Committee advocating a rate hike in the near future. The currency may trade sideways in the modified range of 1.2350-1.2700 for the coming few sessions.

Aussie (0.7638) is stuck in the narrow range of 0.76-0.77 for the last 3 sessions and but another fresh high near 0.7750 may be seen by the end of the week.

The near term path for Dollar Rupee (67.41) may be set by the RBI meet today and we prefer to wait and watch till the dust settles.

INTEREST RATES

The US 10-5Yr spread (0.54%) has come off from resistance levels and could fall towards 0.52% in the coming sessions. This could possibly indicate that the 10YR (2.38%) may fall in the near term towards 2.25% while the fall in the 5YR (1.84%) could be less compared the 10Yr yield.

The 30-5Yr (1.17%) and the 30-10YR (0.63%) are trading well above the horizontal supports and could move up towards 1.25% and 0.75% respectively in the near term.

The Japanese 30YR (0.881%) has been steadily rising since Jul’16 and could test resistance near 0.90-0.95% where it could see some correction towards 0.8-0.7% before again moving up. The 10Yr (0.10%) could face some rejection near 0.15% which could lead to a fall towards 0.10-0.00% in the medium term.

The UK yields are falling sharply. The 5YR (0.46%), 10Yr (1.39%) and the 20Yr (1.87%) could possibly pause just below current levels and move up a little this week.

EUR/USD

The greenback started the day with a good footing, advancing against all of its majors rivals, but demand for the American currency lost pace early US session, with mixed results across the board. The EUR/USD plummeted to 1.0655, to settled around the 1.0700 level, still down for the day. The common currency was weighed by poor German Industrial Production that contracted by 3.0% during last December, resulting in a decline in the annual rate of growth to -0.7% from a previously revised 2.3% advance. Also, weighing on the EU was renewed political uncertainty in the region on news that Marine Le Pen is leading polls ahead of the Presidential election next April. Le Pen, has pledged to leave the EU and fight Islam if she becomes president.

In the US, the IBD/TIPP Economic Optimism Index for February improved to 56.4 vs. 55.6 in January, with the index now 6.4 points above its 12-month average of 50.0. The US trade deficit narrowed in December to $44.3b, the first improvement in three months, whilst November reading was revised to -45.7b from a previous estimate of -45.2b.

Technically, however, the risk remains towards the downside, given that late recovery stalled below the critical 1.0700/10 resistance area that contained declines for over a week. In the 4 hours chart, the 20 SMA has accelerated its decline well above the current level, while the Momentum indicator accelerated its decline below the 100 level, and the RSI hovers around 40, this last with a limited upward slope. A recovery above the mentioned resistance could see the pair returning to the 1.0760/1.0800 region, but as long as below it the risk is towards the downside, with scope to extend its decline down to 1.0590 on a break below the mentioned daily low.

Support levels: 1.0650 1.0620 1.0590

Resistance levels: 1.0710 1.0750 1.0800

USD/JPY

The USD/JPY pair managed to advance up to 112.57 early US session after falling down to 111.58 at the beginning of the day, but resumed its decline and challenges the 112.00 region ahead of the Asian opening, with the pair following the lead of US yields. The 10-year benchmark fell down to 2.371% this Tuesday, down from Monday's 2.41% settlement, while US equities retreated after a strong start of the day, adding to Yen's bullish case. The Bank of Japan will release its Summary of Opinions during the upcoming Asian session, which includes fresh inflation and growth forecast. Seems unlikely the Central Bank will be less optimistic about inflation, in spite of recent data, and therefore is also unlikely that the pair will react to the news. From a technical point of view, the ongoing bearish trend in the USD/JPY pair remains firm in place, given that the pair is setting lower lows and lower highs daily basis, whilst in the 4 hours chart, the pair continues developing well below a bearish 100 SMA, currently at 113.54, whilst the RSI indicator resumed its decline, now around 41. The 100 DMA stands around 111.55 for this Wednesday, and renewed selling interest that pushes the price below the level should lead to a test of the 109.90 level, the 50% retracement of the latest bullish run.

Support levels: 111.55 111.25 110.80

Resistance levels: 112.10 112.60 113.00

GBP/USD

The GBP/USD pair plummeted to 1.2346 early Europe, but jumped to a fresh weekly high of 1.2545 and settled around 1.2530, reversing course after BOE's Kristin Forbes, said that “in my view, if the real economy remains solid and the pick-up in the nominal data continues, this could soon suggest an increase in the bank rate.” UK data released this Tuesday, may confirm her view of the growing risk of a major inflation overshoot, as it confirmed consumers are worried about higher prices. The BRC like-to-like sales fell 0.6% in the year to January, below previous month reading when it stood at 1.0%. House prices also contracted according to the Halifax survey, down by 0.9% during the same month, and rising by 2.4% in the three months to January, from a previous 6.5% advance. Still, market seems to have overreacted to the headlines, as the latest BOE's minutes suggest a rake hike will remain out of the table at least for this year. From a technical point of view, the 4 hours chart shows that the pair recovered above its 20 SMA, whilst technical indicators have turned surged from oversold readings and are currently entering positive territory with sharp bullish slopes. The pair however, is unable to confirm a clear break of 1.2540 a Fibonacci resistance, with a clear break above it required to confirm further gains up to 1.2705, February monthly high.

Support levels: 1.2470 1.2425 1.2390

Resistance levels: 1.2540 1.2585 1.2630

GOLD

Gold consolidated its latest gains this Tuesday, setting a fresh high for this 2017 at $1,235.71 a troy ounce. Spot hold within a tight range, just above the 50% retracement of the November/December decline around 1,230.00. The metal was pretty much immune to intraday dollar´s strength, supporting some additional gains ahead. Backing gold's gains was increasing political uncertainty in Europe, adding to that coming from the US. Daily basis, the RSI indicator has lost upward strength within overbought readings, whilst the Momentum indicator diverges lower, nearing its 100 level. The price, however, remains above its 20 and 100 SMAs, with the shortest crossing above the largest, something usually understood as a bullish signal. In the 4 hours chart, technical indicators are retreating modestly from overbought territory, but are far from signaling a bearish extension, whilst the price remains well above bullish moving averages, all of which supports the case for further gains.

Support levels: 1,230.00 1,221.65 1,215.00

Resistance levels: 1,237.30 1,245.20 1,255.05

WTI CRUDE

Crude oil prices fell for a second consecutive day, as speculators rushed to price in a large US stockpiles build, following a private survey and ahead of the release of official data. West Texas Intermediate US futures fell down to $51.81 a barrel and settled right above 52.00, also weighed by weak gasoline prices on decreasing consumption. WTI fell to the lower end of its latest range, and technical readings in the daily chart support additional declines as the price extended below a flat 20 DMA whilst technical indicators have turned bearish maintaining strong bearish slopes. In the shorter term, the 4 hours chart the 20 SMA turned south well above the current level, with the price also below the 100 and 200 SMAs, both still flat around 53.10, whilst technical indicators have lost their bearish strength, but remain near oversold readings and far from suggesting a bottom has been met. The commodity could extend its decline down to the critical 50.00 region on a break below the mentioned daily low.

Support levels: 51.80 51.10 50.40

Resistance levels: 52.40 53.00 53.65

DJIA

Wall Street opened the day with strong gains, resulting in the DJIA posting an all-time high of 20,157, but the negative momentum faded and indexes closed barely up around their daily openings. The Dow Jones Industrial Average closed at 20,089.88, up by 0.19%, while the Nasdaq Composite settled at 5,674.22, up 0.19% a record high. The S&P closed flat at 2,293.08 up by 0.02%. Within the Dow, Boeing was the best performer, up by 1.34%, but losers outnumbered gained, with Chevron topping loser's list, down by 1.46%, followed by Merck & Co that lost 1.33%. In the daily chart, the DJIA maintains its positive tone, as it holds well above its 20 DMA, currently horizontal at 19,932, while technical indicators present tepid bullish slopes within positive territory. In the shorter term and according to the 4 hours chart, technical indicators have pulled back from overbought readings reached earlier in the day, but lost downward strength within positive territory, whilst the 20 SMA maintains a sharp bullish slope, currently around 20,033, indicating a limited downward potential, at least as long as buyers defend the 20,000 level.

Support levels: 20,066 20,010 19,932

Resistance levels: 20,104 20,160 20,200

FTSE 100

The FTSE 100 gained 14 points or 0.20% this Tuesday, closing the day at 7,186.22, undermined by the positive momentum of mining-related equities. Gains were offset by oil's decline that resulted in BP leading losers' list with a loss of 4.49%. The best performers were Randgold Resources, up 8.38% and Fresnillo that added 6.60%, as gold hold on to its recent gains. The late recovery in the Pound, will likely dent sentiment among stocks' traders early Wednesday, particularly if the GBP/USD pair holds above the 1.2500 level. From a technical point of view, the daily chart for the Footsie shows that an intraday advance was rejected again by selling interest around the 20 DMA, whilst technical indicators have turned modestly lower around neutral territory, maintaining the risk towards the downside. In the 4 hours chart, the benchmark remains range bound between horizontal moving averages, whilst technical indicators have turned lower within positive territory, now approaching their mid-lines.

Support levels: 7,163 7,128 7,091

Resistance levels: 7,205 7,258 7,312

DAX

European equities closed with modest gains this Tuesday, as sentiment improved for a short time-spam, with the German DAX closing the day at 11,549.44, up by 39 points. Mining and pharmaceutical equities surged, but bank and energy-related ones fell, leading to the neutral close. Vonovia was the best performer in Germany, up 2.09%, while Commerzbank closed 1.21% and Deutsche shed 0.51%. The benchmark recovered from a daily low of 11,463, but the main support is 11,425, January 17th low. In the daily chart, the index remains below a horizontal 20 SMA, now at 11,637, whilst technical indicators present modest downward slopes within neutral territory, indicating a limited upward potential. In the 4 hours chart, the 20 and 100 SMAs converge at 11,623, whilst technical indicators have recovered from near oversold territory, but turned flat within negative territory, in line with the longer term perspective.

Support levels: 11,518 11,463 11,425

Resistance levels: 11,572 11,630 11,680

Daily Pivots: (S1) 139.19; (P) 139.89; (R1) 141.25; More...

GBP/JPY recovered after hitting 138.53 and intraday bias is turned neutral first. Overall, price actions from 148.42 are viewed as a corrective pattern, with fall from 144.77 has a leg. On the downside, below 138.52 will target 136.44 first. Break will target 50% retracement of 122.36 to 148.42 at 135.39. But we'd expect strong support from there to bring rebound. On the upside, above 141.96 will turn bias to the upside and probably extend the rise from 136.44 through 144.77.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

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