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Commodity Wrap Up: Gold is Not a Buy Here, Crude Could See $50

Oil and gold levels spiked to lows on Friday morning, following the surprise stimulus package out of Japan.

Oil and gold levels spiked to lows on Friday morning, following the surprise stimulus package out of Japan. Eric Zuccarelli, independent metals trader on the NYMEX trading floor tells TheStreet’s Jill Malandrino even though gold has sold off significantly, he would not touch it here until there is some consolidation and levels are established. Zuccarelli also reviews copper. Out of all the metals it is more of a buy than a sale. Shifting gears to the energy complex, Peter Amandio of Chicago Energies agrees with Goldman Sachs’ macro call that crude will see $75/bbl in 2015, and he thinks it go even lower. Amandio says there could be spikes to the $85 level, but over the next several months, based on longer-term charts and historical patterns, it could get to $50, especially if the U.S. dollar continues higher.

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