Crude oil closed down $0.54 at $70.97 a barrel today. Prices closed near mid range today. Bears have regained the near term technical advantage and have resumed a five week old downtrend on the daily bar chart. The next near term upside price objective for the bulls is producing a close above solid technical resistance at $76.00 a barrel.
Natural gas closed up 14.4 cents at $4.941 today. Prices closed near the session high today and closed at a fresh three month high close. Prices have seen a bullish upside "breakout" from a recent trading range at lower price levels. Recent price action suggests a major market low is in place in natural gas. Bulls have gained fresh upside near term technical momentum recently.
The U.S. dollar index closed up 23 points at 89.02 today. Prices closed near the session high today and hit a fresh 14 month high. 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 $23.10 at $1,240.80 today. Prices closed near the session high today on short covering and fresh speculative buying. There was a rumor that one big hedge fund was a major buying of gold with the Euro currency today. More safe haven buying interest in gold was also seen today. The gold bulls have the solid overall near term technical advantage and regained upside momentum today. There are still no early technical clues to suggest a market top is close at hand.
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