Oil Will Be Choppy Into OPEC, Gold May See a Short-Term Sustainable Bounce
Crude traded at the $73 level, and Allan Harry of Harry RE Trust, LLC tells TheStreet’s Jill Malandrino, part of this is due to the oversupply situation and OPEC not dialing back production, but what we are missing is the cold weather premium in the market. Harry feels it is oversold here, particularly with the products drawing down. He believes crude could be sold down a bit more into the key OPEC meeting on November 27, but the members may realize low crude is not good for them economically and could come out with some language to lend support to the oil market. Eric Zuccarelli, independent metals trader, says the sell off the commodity complex, led by oil, which took down gold and copper, shows the fund are in the short and this could be the time to be a buyer. Near term levels to watch are the $1180-$1200 area in gold and Zuccarelli is watching for copper to out $3.05 resistance and possibly test $3.10
