schaeffers<>Friday-Crude futures retreated again today, as Federal Reserve Chairman Ben Bernanke's allusions to more quantitative easing fueled the U.S. dollar's rebound from eight-month lows. Elsewhere, widespread strikes about pension reform have either reduced or stopped production at all of France's refineries, which also weighed on black gold. By the close, November-dated crude oil futures gave up $1.44, or 1.7%, to settle at $81.25 per barrel. For the week, the front-month contract shed 2.1%.
Meanwhile, Bernanke's call for cautious monetary easing also had a negative impact on gold futures, which backpedaled from record highs today. Furthermore, the greenback's first positive session in four also pressured the malleable metal into the red, as foreign currency holders backed away from the dollar-denominated commodity. Against this backdrop, gold for December delivery ended on a deficit of $5.60, or 0.4%, at $1,372.00 an ounce. For the week, though, the malleable metal tacked on a robust 2%.
Levels to Watch in Trading:
* Dow Jones Industrial Average (DJIA – 11,062.78) - support at 9,500; resistance at 12,000
* S&P 500 Index (SPX – 1,176.19) - support at 950; resistance at 1,300
* Nasdaq Composite (COMP – 2,468.77) - support at 1,900; resistance at 2,600
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