Tuesday, November 1, 2011
Crude Oil Bulls Cling to a Technical Advantage After a Rough Go in Tuesday Trading
Natural gas closed down 14.7 cents at $3.782 today. Prices closed nearer the session low today. The bears still have the solid overall near term technical advantage.
Gold futures closed down $6.60 an ounce at $1,719.20 today. Prices closed nearer the session high today after being under stronger selling pressure early on today. The market was pressured by a stronger U.S. dollar index and lower crude oil prices.
Profit taking from recent gains in gold was seen again today. No chart damage has occurred this week. Bulls still have the overall near term technical advantage. A five week old uptrend is still in place on the daily bar chart.