Tuesday, October 25, 2011

Gold, Natural Gas and Crude Oil all Close Higher on Tuesday

Crude oil closed up $1.92 a barrel at $93.20 today. Prices closed near mid range today and hit another fresh 11 week high. Crude bulls have gained solid upside near term technical momentum this week as prices have seen a bullish upside “breakout” from what was a well defined sideways trading range on the daily bar chart.

Natural gas closed up 5.6 cents at $3.85 today. Prices closed nearer the session high today on short covering in a bear market. The bears still have the solid overall near term technical advantage as prices are still down near the contract low.

Gold futures closed up $47.20 an ounce at $1,699.70 today. Prices closed nearer the session high today and hit a fresh four week high on a surge of safe haven demand amid fresh US debt crisis uncertainty. Bulls today gained fresh upside near term technical momentum to re establish a four week old uptrend on the daily bar chart.

No comments:

ShareThis