Stock indexes still focused on economic woes

Commodities Outlook Remains Unchanged

The commodities remained at the forefront of market news on Wednesday. Tuesday's relief rally on light volume gave way to selling once again which wiped out all of the earlier recovery. As I mentioned yesterday, the 200 day moving average in gold will be serving as a magnet and gold is easily at risk of being dragged down into that zone and price support from early summer. We should not experience a repeat of last week's selloff on any continuation move, however, and greater overlap in price action from one day to the next can be expected.

Gold settled at $1,618.10 an ounce in New York on Wednesday with a loss of $34.40. Silver settled lower at $30.134 an ounce. Crude oil settled lower by $3.24 at $81.21 a barrel.

S&P 500

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