Commodities: Crude Oil hits $78 and Gold slips back

By Michael Hewson

Date: Friday 16 Oct 2009

The main story overnight was the jump in the WTI crude oil price above its recent range highs to over $78.

A break of $76.28 on a weekly close, today could provoke a further rally towards $90 as, from a technical stand point further buying kicks in. If the oil price manages to consolidate above $73 then a move towards $90 could happen very quickly.

Gold, on the other hand slipped back slightly after its gains of the last few days as some profit-taking kicked in.
It should continue to remain fairly well supported though, while above the previous highs between $1,025 and $1,030.

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