Crude oil closed down $2.95 at $79.79 a barrel today. Prices closed nearer the session low today and hit a fresh 10 week low amid the EU debt crisis that is playing out. A stronger U.S. dollar index was a main bearish factor for crude today. Serious near term chart damage has been inflicted in crude the past two days, to suggest a near term market top is now in place.
Natural gas closed down 3.8 cents at $3.975 today. Prices closed near mid-range today in quieter trading. The recent pause at lower price levels is not bullish. A minor bear flag has formed on the daily bar chart. The bears have the solid near term technical advantage.
Gold futures closed up $5.40 at $1,174.60 today. Prices closed nearer the session high today as traders stepped in to "buy the dip" and do some bargain hunting at lower price levels. A stronger U.S. dollar and lower crude oil prices did limit the upside in gold today. Gold was also supported today on safe haven buying support as rioting occurred in Greece due to austerity measures taken by the government to reduce is massive debt. No chart damage occurred on the downside correction.
The U.S. dollar index closed up 79 points at 84.22 today. Prices closed nearer the session high today and hit another fresh contract and 12 month high. European Union sovereign debt troubles will continue to support the dollar index. The bulls have the solid overall near term technical advantage. There are still no early technical clues to suggest a market top is close at hand. However, the dollar index is now short term overbought, technically.
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