Gold and Silver on the Verge of Something Spectacular
Crude oil [August contract] closed down $2.93 a barrel at $78.52 today. Prices closed nearer the session low today and hit another fresh 8 1/2 month low. A bearish economic report out of China combined with a stronger U.S. dollar index and a downbeat assessment of the U.S. economy by the Federal Reserve combined to sink the crude oil market agaon today. The crude bears have the solid overall near term technical advantage.
Natural gas closed up 6.6 cents at $2.621 today. Prices closed near mid range today and saw short covering. Bulls and bears are on a level near term technical playing field.
Gold futures closed down $50.00 an ounce at $1,566.00 today. Prices closed near the session low and closed at a fresh three week low close as the bulls have faded badly. The key “outside markets” were fully bearish for gold today, as the U.S. dollar index was solidly higher while crude oil prices were sharply lower. Gold market bears have regained the overall near term technical advantage.
The September U.S. dollar index closed up 76 points at 82.51 today. Prices closed near the session high today and saw support on fresh safe haven demand after the FOMC's downbeat assessment of the U.S. economy and some weak China economic data. Bulls have the overall near term technical advantage and regained upside momentum today
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