Wednesday, November 6, 2013

Mid Week Market Summary - Gold, Dollar, Crude Oil , Natural Gas and Coffee

December Nymex crude oil closed up $1.49 at $94.85 today. Prices closed nearer the session high today and saw short covering in a bear market. Crude oil bears still have the overall near term technical advantage. A nine week old downtrend is still in place on the daily bar chart.

December natural gas closed up 3.3 cents at $3.499 today. Prices closed near mid-range today and saw short covering after hitting a contract low Tuesday. There was follow through buying today and a bullish “key reversal” up on the daily bar chart was confirmed. That is an early clue that a market bottom is in place for natural gas.

The December U.S. dollar index closed down 0.227 at 80.560 today. Prices closed nearer the session low. The greenback bears have the overall near term technical advantage. However, it still appears a near term market low is in place.

December gold futures closed up $8.90 an ounce at $1,317.00. Prices closed near mid-range in more quiet trading. The key “outside markets” were bullish for the gold market today as the U.S. dollar index was lower and crude oil prices were higher. The gold market bulls and bears are still on a level near term technical playing field.

And the world just wouldn't be right if we didn't include our favorite trade for 2013-14....coffee. December coffee closed down 230 points at 101.15 cents today. Prices closed near the session low and hit another contract low. The coffee bears have the solid overall near term technical advantage. However, this market is now way oversold on a short term technical basis, and due for at least a good corrective bounce very soon.


Why are you losing money? The "Renegade Trader" is back to tell you why.


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