Oil is selling off in accord with all risky assets this morning. If jobs are weak, oil and gasoline consumption would be weak. Oil has a simple and direct correlation to economy. Trailing stops are being gobbled up here. Longs are bailing. 50 dsma is resistance. Support comes in right here @ 200 dsma and below @ 95.70 38.2% fib.
Gold is rocking. With dollar down across the board gold is now gaining momentum. Italian worries are a big help as well. Precious is the desired asset here with all of its positive underpinnings coming together. Two consecutive closes above 50 dsma occurred (as I discussed before), shorts are bailing. 1559 resistance and high @ 1577 after that. 50 dsma is support.
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