Where is Crude Oil and Gold Headed on Friday?

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil and gold are likely headed tomorrow.




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Crude Oil Extends Decline Below the 10 Day Moving Average

Crude oil closed lower on Thursday as it extends yesterday's decline below the 10 day moving average crossing at 77.36. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 75.98 would confirm that a short term top has been posted. If August renews the rally off May's low, the 62% retracement level of last month's decline crossing at 81.13 is the next upside target. First resistance is the 10 day moving average crossing at 77.37. Second resistance is Monday's high crossing at 78.92. First support is the 20 day moving average crossing at 75.98. Second support is Wednesday's low crossing at 75.17.

Natural gas closed lower on Thursday as it extended this week's decline. The mid range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signaling that additional weakness is possible near term. Closes below Tuesday's low crossing at 4.691 would confirm that a short term top has been posted. Closes above the 10 day moving average crossing at 4.930 would temper the near term bearish outlook. First resistance is the 10 day moving average crossing at 4.930. Second resistance is last Wednesday's high crossing at 5.196. First support is Tuesday's low crossing at 4.691. Second support is the reaction low crossing at 4.628.

The U.S. Dollar closed lower on Thursday and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 87.13 would confirm that a short term low has been posted. If September renews this month's decline, the 38% retracement level of the November-June rally crossing at 83.83 is the next downside target. First resistance is Wednesday's high crossing at 86.71. Second resistance is the 20 day moving average crossing at 87.13. First support is Monday's low crossing at 85.36. Second support is the 38% retracement level of the November-June rally crossing at 83.83.

Gold closed higher due to short covering on Thursday as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1231.50 are needed to confirm that a short term top has been posted. If August renews this year's rally into uncharted territory, upside targets will now be hard to project. First resistance is Monday's high crossing at 1266.50. First support is the 20 day moving average crossing at 1231.50. Second support is Thursday's low crossing at 1225.20.

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Sure, we are Trading Oil....But Forex Should not be Foreign to You....Watch New Video

It's the biggest market in the world and is traded 24 hours a day, 6 days a week, and therefore one that is impossible to ignore. I'm speaking, of course, about the forex market.

The question is, is this the tail that's wagging the dog? Meaning, is the forex market, mainly the euro, dictating the trend in American and European equity markets.

The answer is yes, for the moment it is. Now, if you're not familiar with the forex markets and the euro, you should look at the ETF FXE, the spot euro, and also the euro futures market at the Chicago Mercantile Exchange (CME), as they are all tradable.

In today's short video we show you exactly how we think this currency will play out in the future. And as always, our videos are free to watch and there is no need for registration. Please leave us a comment on your thoughts on this video and the current market.


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Dan Dicker: Avoid Oil Drillers

Dan Dicker, senior contributor for The Street .Com, says despite the fact that he's buying some energy stocks he's avoiding oil drillers for now. Follow Dan on Twitter at Dan Dicker.



Just click here for your FREE trend analysis of crude oil ETF USO

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Crude Oil Bears Appear to Have The Near Term Advantage

Crude oil was slightly lower overnight as it extends this week's decline. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 75.97 are needed to confirm that a short term top has been posted. If August renews the rally off May's low, the 62% retracement level of May's decline crossing at 82.67 is the next upside target.

First resistance is Monday's high crossing at 79.94
Second resistance is the 62% retracement level of May's decline crossing at 82.67

Thursday's pivot for crude oil is 76.45

First support is the 20 day moving average crossing at 75.97
Second support is Wednesday's low crossing at 75.17

Just click here for your FREE trend analysis of crude oil ETF USO

Natural gas was slightly lower overnight as it consolidates below the 10 day moving average crossing at 4.933. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

Closes below Tuesday's low crossing at 4.756 would confirm that a short term top has been posted while opening the door for a larger degree decline near term. Closes above the 10 day moving average crossing at 4.933 would temper the near term bearish outlook in the market.

First resistance is the 10 day moving average crossing at 4.932
Second resistance is last Wednesday's high crossing at 5.196

Natural gas pivot point for Thursday is 4.809

First support is the 20 day moving average crossing at 4.758
Second support is Tuesday's low crossing at 4.756

Just click here for your FREE trend analysis of natural gas ETF UNG

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Where is Crude Oil and Gold Headed on Thursday?

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks at where oil and gold are likely headed tomorrow.






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Sharp Drop in New Home Sales Pushes Oil, Gold and U.S. Dollar Lower

Crude oil closed lower on Wednesday due to slow oil sales and a sharp decline in new home sales. Today's close below the 10 day moving average crossing at 77.40 signaling that a short term top is in or is near. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 75.79 would confirm that a short term top has been posted. If August renews the rally off May's low, the 62% retracement level of last month's decline crossing at 81.13 is the next upside target. First resistance is Monday's high crossing at 78.92. Second resistance is the 62% retracement level of last month's decline crossing at 81.13. First support is the 20 day moving average crossing at 75.79. Second support is today's low crossing at 75.17.

Natural gas closed higher due to short covering on Wednesday as it consolidated some of this week's decline but remains below the 10 day moving average crossing at 4.917. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that additional weakness is possible near term. Closes below the 20 day moving average crossing at 4.694 would confirm that a short term top has been posted. If July renews the rally off May's low, the 62% retracement level of the November-May decline crossing at 5.429 is the next upside target. First resistance is last Wednesday's high crossing at 5.196. Second resistance is the 62% retracement level of the November-May decline crossing at 5.429. First support is the 20 day moving average crossing at 4.691. Second support is today's low crossing at 4.691.

The U.S. Dollar closed lower on Wednesday ending a two day correction off Monday's low. The low range close sets the stage for a steady to lower opening on Thursday. However, stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 87.16 would confirm that a short term low has been posted. If September renews this month's decline, the 38% retracement level of the November-June rally crossing at 83.83 is the next downside target. First resistance is today's high crossing at 86.71. Second resistance is the 20 day moving average crossing at 87.16. First support is Monday's low crossing at 85.36. Second support is the 38% retracement level of the November-June rally crossing at 83.83.

Gold closed lower on Wednesday following the release of today's bearish new home sales data. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are diverging and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1230.10 are needed to confirm that a short term top has been posted. If August renews this year's rally into uncharted territory, upside targets will now be hard to project. First resistance is Monday's high crossing at 1266.50. First support is the 20 day moving average crossing at 1230.10. Second support is today's low crossing at 1225.20.

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Phil Flynn: Moratorium Show Down!

Well I did call Obama the Great Misleader and now I have a judge that agrees with me. Federal Judge Martin L.C. Feldman issued an injunction against the Obama administration lifting its drilling moratorium saying the government never justified the ban and appeared to mislead the public. Oil prices fell back across the curve falling 15-30 cents a barrel right after the announcement. Judge Martin L.C. Feldman as reported by the Washington Times issued an injunction, saying that the moratorium on drilling will hurt drilling-rig operators and suppliers and that the government has not proved an outright ban is needed, rather than a more limited moratorium.

He also said the Interior Department also misstated the opinion of the experts it consulted. (Misstated?)In fact the truth is that those experts from the National Academy of Engineering said they don't support the blanket ban. "Much to the government's discomfort and this Court's uneasiness, the summary also states, 'the recommendations contained in this report have been peer-reviewed by seven experts identified by the National Academy of Engineering.' As the plaintiffs, and the experts themselves, pointedly observe, this statement was misleading," Judge Feldman said in his 22 page ruling. It is clear that the Obama administration is playing fast and loose with the facts in an effort to placate its angry.....Read the entire article.

New Video: How To Use Fibonacci Retracements

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New Video: Why Markets Reverse...Blame it on Fibonacci!

There are times when markets reverse for no apparent reason and seem to defy any news that would support the direction of the trend. We call the this occasional event the "Fibonacci factor"and this occurs when markets reach certain retracement levels and often reverse direction from their
previous trend.

In this new short video we outline this phenomenon on the S&P500 and will also be covering it when our new educational trading video debuts this Friday, which will be of course, "Fibonacci Friday".

As always there is no charge and no need to register. Enjoy today's video and please let us know what you think by leaving a comment.

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Crude Oil and Natural Gas Market Commentary For Wednesday Morning

Crude oil was lower due to profit taking overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 75.85 are needed to confirm that a short term top has been posted. If August extends the rally off May's low, the 62% retracement level of May's decline crossing at 82.67 is the next upside target.

First resistance is Monday's high crossing at 79.94
Second resistance is the 62% retracement level of May's decline crossing at 82.67

Wednesday's pivot point for crude oil is 78.03

First support is the overnight low crossing at 77.04
Second support is the 20 day moving average crossing at 75.85

Just click here for your FREE trend analysis of crude oil ETF USO

Natural gas was slightly higher due to light short covering overnight as it consolidates some of this week's decline but remains below the 10 day moving average crossing at 4.915. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 4.726 would confirm that a short term top has been posted. If July renews this month's rally, the 62% retracement level of the November-May decline crossing at 5.429 is the next upside target.

First resistance is last Wednesday's high crossing at 5.196
Second resistance is the 62% retracement level of the November-May decline crossing at 5.429

Wednesday's pivot point for natural gas is 4.778

First support is the 20 day moving average crossing at 4.726
Second support is Tuesday's low crossing at 4.756

Just click here for your FREE trend analysis of natural gas ETF UNG


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