Crude oil closed down $3.44 at $82.75 a barrel today. Prices closed near the session low today amid the EU debt crisis that is playing out. The bulls faded badly today but still have the overall near term technical advantage.
Natural gas closed up 1.6 cents at $4.016 today. Prices closed near mid range today and saw tepid short covering in a bear market. Prices last Friday hit a fresh contract low. The bears have the solid near term technical advantage.
The U.S. dollar index closed up 102 points at 83.42 today. Prices closed near the session high today and hit a fresh contract and 12 month high. European Union sovereign debt troubles will continue to support the dollar index. The bulls have the solid overall near term technical advantage. There are no early technical clues to suggest a market top is close at hand.
Gold futures closed down $11.00 at $1,172.30 today. Prices closed nearer the session low and scored a bearish "outside day" down on the daily bar chart, whereby the high was higher and low was lower than Monday's trading range, with a lower close. Profit taking pressure was seen today following recent gains in gold. Gold prices hit a fresh five month high early on today. Gold was also pressured by a stronger U.S. dollar index today. No significant chart damage occurred today, but strong follow through selling pressure on Wednesday would begin to dent bullish technical momentum in gold.
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