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Brent crude dropped below a key $109 a barrel level on Wednesday, following news of a rise in U.S. stockpiles and the release of some mildly bearish government data, but some traders blamed crude's reversal mostly on U.S. dollar's strength.
By midday, the U.S. Dollar index rose by 0.41 percent. In turn, Brent crude fell 88 cents to $108.79 a barrel, after swinging between a high of $109.80 and a low of $109.32 earlier in the session. U.S. oil rose 18 cents to $92.72, gaining for a fifth day in the longest daily winning streak since mid-December.
(Read More: Brent Falls Anew After US Inventory Jump)
Where is the price of gold headed?
The precious metal got a much anticipated boost over major resistance on Tuesday. Concerns and comments out of Germany help gold push through the $1,585 to $1,588 wall, bringing it to a high of $1,597.6 that it reached Tuesday morning.
(Read More: Gold Edges Up Toward $1,600 on Eurozone Concerns)
Although oil marched toward $111 a barrel on Tuesday, its highest level in nearly two weeks, some professional traders doubt it will continue to climb.
While a slightly weaker U.S. dollar may have lured some investors, pro trader Anthony Grisanti argued it has more to do with the technicals. In the last few sessions, oil has found support at $90 a barrel, he noted. Between a glut in oil supplies and a sluggish global economy, he doesn't think crude will push much higher than current levels.
(Read More: Brent Crude Climbs Toward $111)
Gold had a rare banner day in trading markets on Tuesday, as a combination of short covering and hopes for more central bank easing sent the yellow metal to a two week high. Still, traders aren't sure what's next for bullion, which has taken a battering since the start of 2013.
(Read More: Gold Jumps, Fueled by ECB Bond Buying Hopes)
The price of spot gold hit an intraday high of $1,597, up as much as 1.2 percent, its highest level since February 28. Spot gold managed to break above the $1,560 and $1,585 range in which had been confined since the start of March. U.S. gold for April delivery were up one percent at $1,596.
Gold rose above $1,590 an ounce on Tuesday, gaining nearly one percent following comments by an European Central Bank official that euro zone inflation pressures are abating, which was viewed as an indication of continued monetary easing.
(Read More: CNBC Explains Inflation)
Accommodative monetary policies favor gold as low interest rates encourage investors to put money into the non-interest-bearing assets.
If you've looked a chart of crude oil lately, you might have noticed an odd pattern. The price swings have gotten less and less violent, and the range that crude has traded in has been steadily contracting.
(Read More: Oil Slips Under $110 on Weak Chinese Data)
So why does this matter?
Jeff Kilburg of KKM Financials calls this pattern "coiling," which is just what it sounds like: a sign that the chart is storing up energy which it will soon expend. "When future ranges coil like this," Kilburg explains, "they break out in a violent fashion."
Both industrial production and retail sales in China for the January and February period missed expectations. In addition, inflation rose in February, igniting worries of potential monetary tightening.
(Read More: Tokyo, Sydney Hit Highs; China Slips on Data)
According to experts such as Ara Hovnaian and Ivy Zelman, if you're in the market for a house you'd better get moving.
During interviews on CNBC, both pros suggested that the housing market has so many tailwinds the renaissance is probably unstoppable.
"I think we're in the first or second inning in what's going to be a significant recovery in the market," Hovnanian, CEO of Hovnanian Enterprise, said on CNBC's "Futures Now."
"I'm probably the most bullish fundamentally I've ever been," added Zellman, CEO of Zelman & Associates.
Crude oil's trading range provides a great opportunity.
Crude traded surprisingly well late in the day yesterday, after clearing stops below Wednesday's $90 low.
(Read More: Chavez's Death Not Bullish for Oil: Gartman)
Crude continued to the upside even as the dollar continued higher — likely on speculation of more asset purchases by the Bank of Japan. This did not end of happening, and the non-event actually pulled the dollar back slightly off of the highs, allowed crude to hold against its swing highs and current action at $90.75.
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