Crude Oil Back Near $69.50 Support…Yet Again

Commodities - Energy

Crude Oil Back Near $69.50 Support…Yet Again

Crude Oil (WTI)         $70.12          -$1.39        -1.94%
After getting pummeled in Friday’s session, crude oil prices are down again amid relentless economic concerns. Prices earlier hit a low of $69.51, though they have since rebounded above $70. One of our key themes has been the significance of the $69.50 level in oil, as well as the corresponding $1066 level in the S&P 500 stock index. The S&P 500 closed at $1065 on Friday and stock futures are indicating another down day on Monday. Whether these key support levels hold is the most important thing to watch for in the coming week. In the event prices bounce, look for resistance near $75, the 50% Fib.


                                                                                                                                                                                                    

Commodities - Metals

Gold Steady, Awaits Catalyst

Gold $1218.35          -$1.55        -0.13%
Gold is trading a dollar and a half lower as the metal consolidates between $1166 and $1250. The outlook for the near-term is simple: if broad financial markets continue to move lower, expect gold to approach $1250 resistance. Otherwise, look for support at the trendline near $1198, followed by the recent low at $1166.

Silver $17.45          -$0.00        -0.00%
Silver has fallen six out of the last seven days. Since peaking last Monday at $18.56, prices have shed 6%. Clearly, silver is not enjoying much in the way of safe haven demand at the moment. The next support levels are $17.38, $17.06, and $16.55. Resistance levels are $18.00 and $18.50.


                                                                                                                                                                                                        
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