Wednesday, April 11, 2012

Crude Oil, Natural Gas and U.S Dollar Commentary For Wednesday Evening

Crude oil [May contract] closed up $1.59 a barrel at $102.63 today. Prices closed nearer the session high today and saw short covering after prices Tuesday hit a seven week low. A weaker U.S. dollar index supported crude today. A five week old downtrend line is still in place on the daily bar chart. Bulls and bears are on a level near term technical playing field.

Gold futures [June contract]closed down $1.70 an ounce at $1,659.00 today. Prices closed near mid range in quieter, consolidative trading. The key outside markets were in a bullish posture today, as the U.S. dollar index was weaker and crude oil prices were higher. That did limit the downside in gold today. The bears still have the slight near term technical advantage in gold. A five week old downtrend is in place on the daily bar chart.

Natural gas [May contract] closed down 4.4 cents at $1.987 today. Prices closed near the session low again today and hit another fresh contract and 10 year low today. The bears have the solid overall near term technical advantage. There are no early clues to suggest a market low is close at hand.

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