June crude oil closed up $0.58 at $49.43 a barrel today. Prices closed near mid range today. Crude oil bears still have the near term technical advantage. The next downside price objective for the crude oil bears is to produce a close below solid technical support at $44.00.
The U.S. stock indexes closed firmer today. Trading has turned choppy this week. Banking worries and bearish corporate earnings reports this week are keeping the bulls tentative. The recent uptrends in the stock indexes are "rolling over" on the daily charts, which is a bearish technical clue.
June gold futures closed up $14.50 at $907.00 today. Prices closed nearer the session high again today on short covering and fresh speculative buying and amid a weaker U.S. dollar. Prices did hit a fresh three week high today as bulls and bears are back on a level near term technical playing field. Prices are still in a two month old downtrend on the daily bar chart, however.
The June U.S. dollar index closed down 92 points at 85.56 today. Prices closed near the session low today. Bulls are fading quickly. Bulls' next upside price objective is to close prices above solid technical resistance at this week's high of 87.22.
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