Commodities Week in Review: Oil and Gold Will Remain Under Pressure

Oil Supply and the U.S. dollar continue to be hot topic in the energy and gold complexes. From the trading floor of the NYMEX, Jeff Grossman of BRG Brokerage tells TheStreet’s Jill Malandrino oil is still making its way lower, and the products which are a lead indicator are showing weakness. They could work sideways to slightly higher, but the trade still needs time to play out. Grossman says the big issue continues to be supply and production cuts don’t seem to be coming anytime soon. Levels to focus on are $78.60 to the downside and $84 for a move higher. Tom Vitiello of Aurum Options Strategies explains $1241 was a big level and short term, speculative trading around that has been moving the gold market. The U.S. dollar highs continues to put pressure on gold, and Vitiello wants to see a move through $1275, maybe even $1300 before you start getting really bullish. Short term, $1241 will again be the key level for traders to watch.