Thursday, April 26, 2012

Gold Bears Still Have the Advantage Despite a Bullish Spike on Thursday

20 Survival Skills for the Trader

June crude oil closed up $0.46 a barrel at $104.57 today. Prices closed nearer the session high again today. Bulls and bears are on a level near term technical playing field, but the bulls are having a good week.

June natural gas closed down 4.0 cents at $2.13 today. Prices closed near the session low but did hit a fresh three week high early on today. The bears still have the overall near term technical advantage. There are still no early clues to suggest a market low is close at hand.

June gold futures closed up $18.00 an ounce at $1,660.40 today. Prices closed nearer the session high today and hit a fresh two week high. Short covering and bargain hunting were featured today. The key “outside markets” were in a mildly bullish posture for gold today as the U.S. dollar index was weaker and crude oil prices were firmer.

Gold bears have the slight overall near term technical advantage. Prices still are in a two month old downtrend on the daily bar chart.

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