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Crude Oil Fluctuates, Eventful Week Ahead

Crude Oil Fluctuates, Eventful Week Ahead

2010-05-31 04:48:00
Sumit Roy,
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Commodities - Energy

Crude Oil Fluctuates, Eventful Week Ahead

Crude Oil (WTI)      $74.23       +$0.26      +0.35%
New York pit trading will be closed on Monday in observance of Memorial Day. With light volume and little in the way of fundamental news, prices are likely to digest recent gains and take their cues from stock futures, which are rallying about 0.6% at the moment. The economic calendar is heavy next week, thus volatility will surely reign once trading activity picks up on Tuesday. The week kicks off with the ISM Manufacturing Survey (59 expected) and ends with the nonfarm payrolls report (+508K expected). Note that the EIA Petroleum Status Report will be released on Thursday at 11:00am EST, one day later than usual, due to the holiday.

From a technical perspective, prices are facing resistance under the low point of the first leg down of the correction around $74.50-$75.00. Support remains $69.50.

commodityupdate05312010oil
                                                                                                                                                                                                    

Commodities - Metals

Gold Prices Flat Ahead of Holiday

Gold $1213.50          -$0.88        -0.07%
Gold remains in a consolidation pattern. Prices are holding up well considering the five straight days of gains last week. The range is still the same: $1166 to $1250.

Silver      $18.42       +$0.03      +0.16%
Silver is close to unchanged. Prices hit resistance at $18.50 last week. There is room here for silver to retrace, as prices are considerably higher than recent lows around $17.38. With no upside catalyst, the path of least resistance is down.

commodityupdate05312010gold
                                                                                                                                                                                                        

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