Mid Week Commodities Summary for Wednesday October 22nd - Crude Oil, Natural Gas, Gold, Silver, Coffee, Sugar, Euro, Dollar

Crude oil closed down $2.12 at $80.38 today. Prices closed near the session low and closed at a two plus year low close today. The bears have the solid near term technical advantage.

Natural gas closed down 5.1 cents at $3.749 today. Prices closed near the session low today and closed at a contract low close. The natural gas bears have the solid overall near term technical advantage.

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Gold futures closed down $7.20 an ounce at $1,244.50 today. Prices closed nearer the session low on profit taking after hitting a six-week high on Tuesday. Gold bears have the overall near-term technical advantage. However, a fledgling three-week-old uptrend is in place on the daily bar chart.

Silver futures closed down $0.379 at $17.17 today. Prices closed near the session low today. The silver bears have the firm overall near term technical advantage.

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Coffee closed down 850 points at 191.10 cents today. Prices closed near the session low and hit another three week low today. It appears a market top is in place. The coffee bears have gained the near term technical advantage.

Sugar closed up 6 points at 16.50 cents today. Prices closed nearer the session low today. Sugar bears have the firm overall near-term technical advantage.

Oil Deflation, the Saudi’s Muslim Frankenstein, and the Colder War

The December Euro currency closed down 79 points at 1.2651 today. Prices closed nearer the session low again today. The Euro bears have the firm overall near-term technical advantage and are regaining downside momentum.

The U.S. dollar index closed up 0.436 at 85.840 today. Prices closed near the session high today. The greenback bulls have the overall near-term technical advantage and are regaining upside momentum.

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