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Oil Will Continue to Bounce Around, Outlook on Gold Turns More Bearish

Commodities were once again in the spotlight as oil continues to deal with the supply glut and markets reacted from the FOMC rate decision and commentary.

Commodities were once again in the spotlight as oil continues to deal with the supply glut and markets reacted from the FOMC rate decision and commentary. Peter Amandio of Chicago Energies tells TheStreet's Jill Malandrino the oil market is still quite bearish but there was some technical action this week we have not had in roughly 20 days. Amandio reviews historical pricing patterns, but near term he looking for oil to either hit new lows or test up to $63.50, based on his chart work. Eric Zuccarelli, independent metals trader, explains gold did not react as expected to the Russian rate decision and continues to fail at $1,200 and he is getting more bearish on the yellow metal.

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