Due to worldwide economic worries, the raw commodity sector is in a serious slump.
The present supply-and-demand fundamentals support Nymex crude oil being fairly priced at just above $100 a barrel -- and no higher.
This could be a bad omen for other raw commodities as well as the U.S. stock market.
Gold bulls are fighting a quieter marketplace as the near-term price trends lower.
Emboldened bears are within striking distance of driving crude below $100 a barrel.
From a technical perspective, the longer-term charts show the yellow metal's prices remain in an 11-year-old uptrend.
Rumors concerning releases of global Strategic Petroleum Reserves are keeping a cap on prices.
While it was a positive fundamental development for the raw commodity sector, the bearish camp will benefit from the technical side.
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Barring any geopolitical flare-ups, look for the price of crude oil to remain between $95 and $110 in the coming weeks -- or longer.