Tuesday, June 1, 2010

Crude Oil, Natural Gas, Gold and Dollar Commentary For Monday Evening

Crude oil closed down $1.51 at $72.46 a barrel today. Prices closed nearer the session low today and saw a corrective pullback from strong gains scored last week. Recent price action does suggest a market low is in place, or close to it, and that prices will now chop in a sideways trading range between last week's low of $67.15 and strong psychological resistance at $80.00.

Natural gas closed down 10.6 cents at $4.234 today. Prices closed near the session low today and scored a bearish "outside day" down on the daily bar chart. The bears still have the overall near term technical advantage.

The U.S. dollar index closed up 20 points at 87.21 today. Prices closed near mid-range today. European Union sovereign debt troubles will continue to support the dollar index. The bulls still have the solid overall near term technical advantage. There are still no early technical clues to suggest a market top is close at hand.

Gold futures closed up $12.00 at $1,227.00 today. Prices closed nearer the session high today and hit a fresh two week high. Safe haven buying today boosted gold. The gold bulls have the solid overall near term technical advantage and gained some fresh upside momentum today. There are no early technical clues to suggest a market top is close at hand.



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