Commodity Weekly Wrap Up: Trade Across the Board was Technical, not News Based

Gold moved higher as it reached and broke through the key technical level of $1,195, which took some bears out of the market. Even though gold briefly moved higher through another key area of resistance, $1,125, it failed to hold and independent metal trader Eric Zuccarelli says we will continue to see range bound trading between $1,170-$1,220. Copper fundamentals have been changing recently as stock supplies have been coming out and that typically indicates a tighter market in the future, which makes traders more bullish. Zuccarelli says crude's move over $60 far exceeded the poor fundamentals in that market and believes crude move below $58 and possibly lower.