Recent price action suggests that the worst of the E.U. debt crisis is behind us.
It would take a move in nearby gold futures prices below major long-term technical support at $1,500 an ounce to begin to inflict serious longer-term chart damage and suggest a major market top is in place.
We've seen important developments in the two major raw commodities markets.
The U.S. Agriculture Department's crop report boosts already 'goosey' grain market prices.
This week's price action in gold and oil provide early clues on potential near-term price action for both markets.
Gold soars to another all-time high, and crude oil is in danger of falling through support.
Currency worries and growth forecasts are pushing gold and oil on divergent paths.
The debt crises in the U.S. and Europe are the main bullish fundamental factors driving the commodity's run.
Crude oil and gold are poised for more gains; other commodity markets are likely to follow.
In the coming weeks, look for crude oil to remain in a choppy trading range while the precious yellow metal surges even higher.