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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (749242)	9/14/2006 7:41:30 PM
From: Hope Praytochange	Read Replies (2) \| Respond to of 769670

End of the bull market in Gold? That is the talk among many traders and analysts, as Gold futures continue to tumble. December Gold broke below key support at $585.00 this morning, with steady selling by both commodity funds and commercial accounts.Continued weakness by the energy complex, especially Natural Gas, has taken away some of the inflation scare out of the market, which is negative for Gold. This week alone, Gold has fallen more than $30 per ounce as speculators continue to liquidate losing long positions. Traders are looking at $575.00 as the next support level for December Gold and expect physical demand to come back into the market at this level. Resistance is seen at the chart gap at $613.50. December Gold closed at $586.00, down $10.30. Crude Oil finally some support yesterday, closing higher for the first time in over a week on the news that inventories took a larger than expected hit last week. The news was not enough to give bulls any serious momentum, as the market fell again today. According to the Energy Department's report, supplies fell 2.9 million barrels to 327.7 million barrels for the week ending September 8th. Expectations were in the area of a 2 million barrel decline. The US once again voiced its desire for the UN Security Council to impose sanctions on Iran for their continued refusal to comply with requests to suspend uranium enrichment, giving some soft support to the contract. While the technical outlook for the market remains bearish, and inventories, despite the high draw, remain abundant, traders were looking for reasons to re-establish long positions in the wake of funds unwinding theirs. Fundamentally, the market remains propped up by potential cuts in production, but high inventory levels, an absence of severe weather in the Gulf, IEA and US Department of Energy cuts in future demand expectations, evidence of slowing US and global economic growth are all factors that contribute to the possibility of testing the $60 level, a price level which may prompt action from OPEC in the form of production cuts. October Crude Oil closed at $63.22, down 75 cents for the session. Scott Snyder XPRESSTRADE analyst