Quote

Aden Forecast "Crude oil remains in a five-week rise."

ReportEnergy
Date06/23/2010
Loaded Date06/24/2010
TitleUncertainty Prevails
Quote"June has seen a jump up in most markets and this week's weakness hasn't changed the rebound rises. The gold price has been the clear winner showing that investor's nerves remain edgy. Uncertainty continues to move the markets.

Crude oil remains in a five-week rise. It's firm and solid above $72 but not until it closes above $79 will a stronger rise be underway. Copper has been basing for two weeks now. It's stable and firm above $2.85 and a renewed rise would be getting started above $3.05.

The currencies still appear to be bottoming. Most of them are rising and several are near two-month highs. Nevertheless, they're not out of the woods yet. The markets remain mixed—some are technically bearish and a few are bullish. The Canadian dollar, for instance, is one of the bullish ones but it fell the most today, along with the oil price. But overall, the currencies are still oversold and they're poised to rise further. The U.S. Dollar Index continues to look toppy, but it remains bullish. It'll stay bullish unless it closes and stays below 83.50. Keep holding the currencies you have but don't buy new positions."