NEW YORK (TheStreet) -- Gold and oil prices are essentially flat as there looks to be possible resolution to the debt ceiling crisis in Washington.

Alan Harry, portfolio manager of Spartan Commodity Fund, told TheStreet's Joe Deaux that many traders are holding back from initiating positions, waiting to see if an agreement can be reached. He added that oil will likely spike higher if positive headlines come out. However, he said this will likely be a "buy-the-rumor, sell-the-news" type of event.

Regarding the lack of economic data, he said that actually has caused less volatility because most traders are simply staying on the sidelines until the data are eventually released.

However, if the data are far from what traders expect, market movement will be violent, whatever the direction, Harry concluded.

-- 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.

More from Gold

Market Bears Have Devoured Gold Prices

Market Bears Have Devoured Gold Prices

Gold to Skyrocket as Italian Rebellion Unfolds

Gold to Skyrocket as Italian Rebellion Unfolds

2010-Style Crisis Approaches: Prepare For Flight To Safety

2010-Style Crisis Approaches: Prepare For Flight To Safety

Gold Prices Look 'Rich' at Current Levels - Here's What Could Change That

Gold Prices Look 'Rich' at Current Levels - Here's What Could Change That

Watch This If You're Wondering How Much Gold to Have and When to Sell

Watch This If You're Wondering How Much Gold to Have and When to Sell