Monday, November 1, 2010
Markets Close Mixed as Traders Anxiously Await FOMC Announcement
Crude oil closed up $1.32 at $82.75 a barrel today. Prices closed near mid range today. Trading has been choppy recently. Bulls and bears are still on a level near term technical playing field.
Natural gas closed down 20.2 cents at $3.836 today. Prices closed near the session low today after hitting a fresh three week high early on. The bears still have the solid overall near term technical advantage. However, technical odds are increasing that a market low is in place.
Gold futures closed down $5.10 at $1,352.50 today. Prices closed nearer the session low today after hitting a fresh two week high early on. Profit taking was featured. Bulls do still have some upside technical momentum after producing a bullish weekly high close on Friday. Bulls also still have the overall near term and longer term technical advantage.
The U.S. dollar index closed up 3 points at 77.49 today. Prices closed nearer the session high today. Trading has been choppy at lower price levels. Dollar index bears still have the firm overall near term technical advantage.