crude oil closed up $1.91 at $85.96 a barrel today. Prices closed nearer the session high today and were supported by a weaker U.S. dollar index and a bullish weekly DOE stocks report. Crude oil bulls have the solid overall near term technical advantage and gained more upside momentum today.
Natural gas closed up 3.2 cents at $4.192 today. Prices closed near mid-range today on more short covering in a bear market. Bears still have the near term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at last week's high of $4.334.
The U.S. dollar index closed down 32 points at 80.30 today. Prices closed near mid-range today and hit a fresh five week low. While no serious chart damage has occurred recently the bulls have faded and need to show fresh power soon. The bulls still have the overall near term technical advantage.
The U.S. stock indexes closed higher again today and hit fresh 1 1/2 year highs. The stock index bulls have the solid overall near term technical advantage. Gentle, nine week old uptrends are in place on the daily bar charts. There are no early technical clues to suggest a market top is close at hand in the stock indexes.
Gold futures closed up $5.10 at $1,158.50 today. Prices closed near mid-range today and were supported by speculative bargain hunting buying after Tuesday's mild sell off. A weaker U.S. dollar index and sharply higher crude oil prices also supported buying interest in gold. Bulls still have the solid near term technical advantage. A nine week old uptrend line is in place on the daily bar chart.
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