Thanks to rising confidence in the equities market, gold has sustained serious near-term technical damage.
Oil continues to be bound by psychological support and geopolitical uncertainties.
Friday's jobs report may determine whether we see a low or a continuation of the drop.
It would take a move above $1,700 to provide the bulls with some fresh technical strength.
Bernanke's testimony rocked the metal's market, but no serious technical damage has happened yet.
For Nymex crude to see any sustainability above $110 a barrel, tensions in the Mideast must escalate.
At least $15 of the oil quote is arguably due to Mideast tensions. Gold is up for similar reasons.
Taking a daily risk assessment of these three key markets is important for active investors.
When prices of U.S. bond futures falter, that will indicate that investors have regained their appetite for risk.
If recent history repeats itself, bargain hunters will step in to buy the February dip.