When the S&P has fallen 5 percent in October after hitting a 12-month high in September, a sweet end to the year has tended to follow.» Read More
Gold failed to punch through the $1,696 - $1,696 major resistance level on Wednesday to show $1,700 once again. The inability to do so alone caused investors and traders to lighten up long positions, as we saw a very sharp sell-off at the close in Europe.
(Related: Will Gold End 2013 Higher or Lower?)
Brent crude rose 9 cents at $112.50 a barrel. U.S. crude for March dropped 13 cents at $96.55, off a four-month high of $96.90 hit earlier.
It gets cold in Chicago. I'm convinced that many people live their lives without feeling the painful bight of wind coming off the lake on a zero degree January morning. Fortunately, I was able feel that weather earlier this morning, and it served as reminder that the value of natural gas is not going away.
In a live interview on Futures Now, esteemed economist Robert Shiller, co-founder of the Case Shiller Index, expressed concerns about US housing even though new data suggests the recovery is well underway.
"Yes, there have been a lot of positive signs in housing," Shiller conceded in a live interview on CNBC, but it's only been that way for 6 months.
Commodities traders on Thursday were focused on the sharp move higher in the price of oil. In early trade the price of WTI rose as much as $1.10 cents to $95.34 a barrel, at least a 4 month high.
The gains stem in part from new data which showed a surprise fall in crude inventory in the United States, which is the world's biggest oil consumer.
Specifically, U.S. crude stocks fell by 951,000 barrels to 360.3 million barrels last week as imports dropped - that's according to weekly data from the U.S. Energy Information Administration showed on Wednesday.
iiTrader Founder & Chief Market Strategist Rich Ilczyszyn reveals key levels he's watching during Thursday's session to determine whether or not gold is trying to make a bullish breakout.
Gold pulled back to hold a higher low at $1676.2 Wednesday night as the market chopped around.
Today, gold must move through the $1684.9 highs, which is also where a secondary trend line sits. After hitting this wall all week, futures and commodities traders will start to get jittery and look to exit longs or outright sell without a further move higher.
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