![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2uUQCWPl7YNcO90J02isLR8Vj6xGa8DZel8OeunpkwsdYVbwo2XRJD7KQFUgwoHlVMXoNE6jEluQuwbWXWMiKKL1JhrQCoUPTB_1OPOoB9F7LqAr8ZHUc0owsx8KJG2V2CkZa/s400/OVX101409.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5kdkfr9Lrum3Zhad7k3TA6fy8xvw9UMoTG5IuAIbZ6mRHfyuMVeXerRLDL3vZSjDo2ERxX0RQK4cl5tp1ytq1SRsgdoVjVEjDrBea3rfpEzMB4CDUNi6Nx3AE-jpHyYbTu45G/s400/USO101409.gif)
Oil is bumping up against multi-month resistance (bottom chart; USO), as the Oil VIX ($OVX) has been closing in on multi-month lows. It wasn't so long ago that gold was in a similar situation. With continued U.S. dollar weakness, these are levels I'll be watching.
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