Outlook for Crude and Gold

02/23/2010 9:31 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

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Crude oil and gold show quite different technical patterns, but both could be resolved this week. April crude has rallied sharply back above its 50-period MA on heavy volume but is still in a broad trading range. The rising 200-day MA is positive, but a close above $85 is needed to turn the trend positive. April gold has stalled below resistance at $1135 after completing the triangle pattern in terms of price and momentum. This favors higher prices. Any short-term pullback should hold the $1075-$1085 area.

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