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Commodities: Gold and Oil tread water on their lows as dollar recovers
15-12-2009 17:18
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Gold has managed to stay steady near its recent lows at $1,110, despite the renewed dollar strength today, and even though it may well have peaked in the short term, the uptrend still remains intact, as does the long term upside potential, with central bank interest buying on dips, it should find continued support between this weeks lows and the $1,080 level.
Crude Oil continues to remain weak, having broken below $70 yesterday, making a low of $68.59, the potential for a break towards the low $60's has increased. It has rallied slightly today though it should find resistance around $71.40 and the $74 area.
Crude Oil continues to remain weak, having broken below $70 yesterday, making a low of $68.59, the potential for a break towards the low $60's has increased. It has rallied slightly today though it should find resistance around $71.40 and the $74 area.
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