Gold And Crude Oil Fall (GLD, SLV, USO)

Despite a weaker U.S. Dollar, commodities were sold off across the board on Thursday with the metals, energy, and agriculture all closing lower. Crude moved violently lower in early trade after an inventory report revealed that supplies had fallen less than expected. NYMEX crude futures are currently trading down 1.91% to $89.38 on CME GLOBEX. The United States Oil Fund ETF USO shed 1.80% to $38.12 in NYSE trading. Continue to monitor the crude market closely in coming days, as oil and the S&P have been significantly correlated this year. A quick rally back above $90 would be a bullish signal for both crude and stocks whereas a breakdown might indicate an imminent correction in all risk assets. Gold and silver were a little weaker on the session, as well. COMEX gold futures have fallen 0.57% and are currently trading at $1,405.40 on GLOBEX. Silver futures are trading at $30.48, down around 0.73% on the day. Both precious metals continue to hold above key technical levels, the near term outlook appears bullish. The SPDR Gold Trust ETF GLD lost 0.49% to $137.03 in NYSE trading. The iShares Silver Trust ETF SLV shed 0.37% to $29.76.