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[video] Quick Take: Oil, Gold Await Debt Limit Deal

NEW YORK (TheStreet) -- Gold and oil prices are essentially flat as there looks to be possible resolution to the debt ceiling crisis in Washington.

Alan Harry, portfolio manager of Spartan Commodity Fund, told TheStreet's Joe Deaux that many traders are holding back from initiating positions, waiting to see if an agreement can be reached. He added that oil will likely spike higher if positive headlines come out. However, he said this will likely be a "buy-the-rumor, sell-the-news" type of event.

Regarding the lack of economic data, he said that actually has caused less volatility because most traders are simply staying on the sidelines until the data are eventually released.

However, if the data are far from what traders expect, market movement will be violent, whatever the direction, Harry concluded.

-- Written by Bret Kenwell in Petoskey, Mich.