Crude Oil Down in Holiday Trade, Gold Attempts to Resume its Rally

courtesy of DailyFX.com September 06, 2010 10:51 PM Will economic optimism from last week carry over into the coming holiday-shortened week? Regardless, the direction of markets will be extremely telling with regard to whether the latest move was merely an oversold bounce or the start of a new trend. Commodities – Energy Crude Oil Down in Holiday Trade Crude Oil (WTI) - $73.92 // $0.68 // 0.91% Commentary: Crude oil is currently down after falling on Friday despite a better-than-expected U.S. nonfarm payrolls report and rallying equity markets. Surging U.S. inventories continue to put pressure on the commodity, which typically rallies strongly on global growth optimism. It is worth repeating that inventories in the U.S. are at multi-decade highs and that U.S. crude oil production is at 6-year highs. In such an environment, the DOE inventory report becomes much more important, thus that is a key event in the coming week. The report will be released on Thursday at 10:3...