Now that oil is trading the January contract, watch support at 58.15 and 57.90. A break below sets up 57.20/57.40. Resistance is 59.
As for gold, the 20 DMA has held on every pullback since the November breakout. Now at 617. The trade is mostly tied to the dollar, as oil becomes almost incidental below 60. DX00Y (spot dollar) has resistance at 85.57.
ICSC-UBS Store Sales on Tuesday and consumer sentiment on Wednesday will be closely watched.
As for gold, the 20 DMA has held on every pullback since the November breakout. Now at 617. The trade is mostly tied to the dollar, as oil becomes almost incidental below 60. DX00Y (spot dollar) has resistance at 85.57.
ICSC-UBS Store Sales on Tuesday and consumer sentiment on Wednesday will be closely watched.
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on Sunday, November 19, 2006 at 11/19/2006 10:11:00 PM.
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