NEW YORK (TheStreet) -- TheStreet's Joe Deaux spoke to Thomas Vitiello, partner at Aurum Options Strategies, about gold and TheDeal's Paul Whitfield about oil.

Leading off with gold, Vitiello said there is an apparent solid support near $1,250, despite many traders expecting the metal to make new lows for the year.

Gold dipped to $1,251 before bouncing higher when a deal in Washington failed to materialize. Now that another compromise seems hopeful, the yellow metal is starting to fade once more.

He added that there seems to be solid physical demand for gold near the $1,250 level, as well as some aid from the gold forward offered rate, which is the interest paid to a third party for investors to swap gold for U.S. dollars.

Vitiello concluded that gold may fail to make new lows, especially since short-sellers are usually quick to bail -- unlike longs who tend to dig in.

Turning to oil and the recent bidding war between emerging market heavyweights India and China, Whitfield expects the former to continue outbidding the latter.

Since India depends so much on importing energy, finding a way to gain more control of energy in other markets is one of the country's main goals.

Generally, the Chinese have done well with this task, but Indian oil company OGNC has been pushing back.

By recently buying a stake in one Brazilian oil field and also a Mozambique oil field, the company remains committed to spending $184 billion by 2030 to expand its operations, Whitfield said.

He concluded that India's biggest risk right now is volatility in the energy markets, but it is working hard to mitigate that risk.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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