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Gold is consolidating, but look for a breakout by week's end.
Gold failed at major resistance yesterday, only putting in a high of $1585.8 before selling off to test support at $1,570. Since then, the market has been able to hold $1,570, but has not been able to get the upwards volatility seen early yesterday.
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So should we get set for market-rocking political tensions that could drive oil prices screaming higher? Perhaps not.
The tech giant's shares have tumbled by more than 40 percent from its highs above $702 hit last September. Since then, most Apple watchers have clung to the belief the iPhone maker could turn things around.
Yet as all three major averages pushed higher Tuesday, with the Dow Jones Industrial Average shooting up to its highest level ever, Apple's stock has been left in the dust.
Stocks held near session highs Tuesday, with the Dow Jones Industrial Average shooting up to its highest level ever, following an upbeat ISM non-manufacturing index and amid ongoing monetary support from the Federal Reserve.
So far, the Dow is up nearly 9 percent in 2013, surpassing the 7.3 percent gain for all of 2012.
(Read More: Dow Smashes Record: End of the 'Lost Decade'?)
It seems the Fed has failed to spark a spike in commodities.
Federal Reserve Chairman Ben Bernanke strongly reiterated the value of qualitative easing in his semi-annual testimony before Congress last week. He made it clear that QE, the Fed's low interest rate policy, could continue well into the future. What makes this significant is that there has been some dissension within the Fed, and some seem to believe that the policy should end early.
(Read More: Gold's 'Death Cross' Could Tarnish the Yellow Metal)
It's a metal whose performance tends to track the S&P 500 — copper. And over the past two weeks it's been falling like lead.
So with stocks soaring, what's the problem?
(Read More: Stocks Lower on China; AAPL at 52-Week Low)
Well, copper futures have been driven down by attempts by the Chinese government to take the air out of an impending real estate bubble. Stricter down payment ratios and higher taxes on speculative property are among several measures that could be implemented.
Facing a myriad of headwinds, Brent crude oil slipped to a six-week low below $110 per barrel on Friday, prompting some professional traders to think black gold will likely suffer further declines.
(Read More: Brent Crude Slips to $110 on Global Growth Worries)
Brent crude oil slipped to a six-week low below $110 per barrel on Friday, weighed down by growth worries as political gridlock brought the prospect of massive U.S. government spending cuts and on disappointing European industrial data.
It seems crude could fall further.
The price of crude oil dropped sharply Friday morning after seeing new swing lows and a close below the 200-day moving average. This market is poised for another leg lower, as the U.S. dollar is making new swing highs, and putting extreme pressure on commodity prices.
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