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- Jan, 07 Crude Tempers its Record-Breaking Run but the Overall Trend Remains Intact
- Jan, 04 US Dollar Consolidates Above Support on Signs of Chinese, US Economic Recovery
- Dec, 23 US Dollar, Japanese Yen Lag in Low Volume Trading - US New Home Sales Down 11.3%
- Dec, 17 Oil, Gold Reverse Lower as US Dollar Surges on Fed Rates Outlook
- Dec, 17 Crude Accelerates its Reversal on a Sharp Drop in Inventories, Jump in Consumption
- Dec, 16 Gold, Metals Set to Correct Higher Ahead of US Rate Decision
- Dec, 16 Crude Snaps its Worst Bear Trend in 8 Years
- Dec, 15 Crude Oil, Metals Face Dense Economic Calendar
- Dec, 14 Speculative Interests Giving Way to Fundamentals as Crude Oil Extends its Record Breakout Plunge
- Dec, 14 Oil, Metals Under Pressure as Dollar Gains on Fed Outlook
- Dec, 11 Can Crude Break Pull Up From its Worst Trend in Six Years?
- Dec, 10 Crude Oil Suffers its Worst Bear Trend in Three Years
- Dec, 10 Oil Drop Continues, Gold May Bounce Before Selling Resumes
- Dec, 10 Gold Struggling through its Most Acute Correction since the Financial Crisis
- Dec, 09 Oil Technical Positioning Points Sharp Losses Ahead
- Dec, 08 Crude Oil Prolongs it Worst Bear Trend in Five Months on Risk Aversion
- Dec, 08 Oil Prices Break Support, Gold Rebound May Continue
- Dec, 08 Crude Oil’s Descent Extends to a Fourth Session and Hints at a Potentially Critical Trend Reversal
- Dec, 07 Oil Tests Key Support, Gold Has Scope to Rebound
- Dec, 05 Gold Suffers its Biggest Daily Drop in a Year as the Dollar Surges
Gold surged to a new record high, testing the psychologically significant $1200 level, while oil extended yesterday's gains on a broad rebound in risk appetite and is set to test the boundaries of the down trend trajectory in place since October.
Commodities – Energy
Oil Extends Rebound, US Housing and Inventories Data Key Ahead
Crude Oil (WTI) $77.99 +$0.71 +0.92%
Oil broke above near-term resistance at the top of a minor falling channel and the door is now open to challenge the upper boundary of a the longer-term downward-slopping channel in place since late October near the $79 mark. The data docket offers plenty of opportunities for volatility with US Pending Home Sales and Construction Spending both set to decline in October. US builders are the world’s largest consumer of crude, so losses here may act to check recent moves to the upside. Inventory figures from the American Petroleum Institute are also due for release. Risk-taking seems well supported with European stocks adding about 2% and US equity index futures firmly in positive territory.
Commodities – Metals
Gold Pushes to New Record High, Silver Diverges
Gold $1194.94 +$15.35 +1.30%
Gold has pushed to new highs, testing the all-important psychological barrier at $1200. However, relative strength studies are negatively divergent with recent highs, hinting at lackluster momentum behind the most recent push. Fundamentally, the risk appetite landscape is key going forward. To that effect, higher equities in Europe and gains on US equity index point higher for the momentum, though a hefty dollop of US economic data could change things rather quickly.
Silver $18.73 +$0.24 +1.30%
Silver has diverged from its more expensive counterpart as it hits record highs. Overall positioning looks as it did yesterday, with prices re-testing support-turned-resistance at the bottom of a rising channel set from early November. A reversal lower sees near-term support at $17.77. The broad outlook for risky assets and the US Dollar is central from a fundamental perspective.
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