METALS: February gold futures closed down $35.50 at $819.50 today. Prices closed near the session low, hit a fresh four-week low and saw a bearish downside “breakout” from a trading range on the daily chart. Bearish “outside markets”–lower crude oil prices and a firmer U.S. dollar–did pressure the gold market today. Near-term chart damage was inflicted today.
March silver futures closed down 73.0 cents at $10.59 an ounce today. Prices closed near the session low and hit a fresh three-week low today. Bearish “outside markets”–lower crude oil prices and a firmer U.S. dollar–did pressure the market today. A 2.5-month-old choppy uptrend on the daily bar chart was penetrated on the downside today.
ENERGIES: February crude oil closed down $3.07 at $37.76 a barrel today. Prices closed near the session low and hit a fresh two-week low today, amid a firmer U.S. dollar and more recent dour world economic data that suggests less demand for energy worldwide. Bears still have the overall near-term technical advantage and have regained downside momentum recently. Prices remain in a six-month-old downtrend on the daily bar chart.
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