Monday, November 7, 2011

Crude Oil Bulls Take Solid Near Term Advantage

Crude oil closed up $1.25 a barrel at $95.51 today. Prices closed nearer the session high and hit a fresh three month high today. Crude bulls have the solid overall near term technical advantage and gained more upside momentum today. Prices are in a five week old uptrend on the daily bar chart.

Natural gas closed down 8.6 cents at $3.697 today. Prices closed nearer the session low today and scored another fresh contract low. The bears have the solid overall near term technical advantage.

December gold futures closed up $35.90 an ounce at $1,792.10 today. Prices closed near the session high today and hit another fresh six week high. Strong safe haven buying interest was seen amid the EU turmoil that is now focusing on Italy. Bulls have solid the overall near term technical advantage and gained more upside technical momentum today.


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