Outlook for Gold and Crude

04/01/2010 9:41 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

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The strong action in gold and crude oil has improved the short-term technical outlook. Gold’s correction tested first good Fibonacci support, and the longer-term analysis still favors a resumption of the uptrend. Volume has been strong recently, indicating accumulation with key resistance at 1140. Crude has closed above short-term resistance with trading range resistance in the 86-87 area. The good volume on the breakout is positive.

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