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Crude Oil, Gold Under Pressure as Euro Debt Fears Boost US Dollar

Crude Oil, Gold Under Pressure as Euro Debt Fears Boost US Dollar

2011-12-12 11:41:00
Ilya Spivak, Sr. Currency Strategist

Talking Points

WTI Crude Oil (NY Close): $99.41 // +1.07 // +1.09%

Crude oil prices are following share prices lower in European trade amid disappointed selling following last week’s EU leaders’ summit, punctuated by pledge from Moody’s to review the credit ratings of all European Union countries in the first quarter of next year after the meeting failed to produce “decisive policy measures” helped stock pessimism. S&P 500 stock index futures are pointing sharply lower, hinting more of the same is on tap as North America comes online.

On the technical front, prices are testing minor rising trend line support set from late October, with a break lower exposing 94.56. Near-term resistance is found in the 101.81-103.35 region, with only a daily close above the latter level negating the overall downside bias established by a Bearish Engulfing candlestick pattern completed on November 17.

Crude_Oil_Gold_Under_Pressure_as_Euro_Debt_Fears_Boost_US_Dollar_body_Picture_3.png, Crude Oil, Gold Under Pressure as Euro Debt Fears Boost US Dollar

Spot Gold (NY Close): $1711.60 // +3.22 // +0.19%

Gold prices are touching the lowest levels in 10 days as the US Dollar soars higher, bolstered by safety-seeking capital inflows as Eurozone debt crisis fears stoke risk aversion. The sharp drop in S&P 500 index futures ahead of the opening bell on Wall Street hints the yellow metal is likely to remain under pressure in the hours ahead.

Sizing up the technical landscape, prices are probing through support at 1699.51, the intersection of a rising trend line set from late September and the 38.2% Fibonacci retracement level. A break lower exposes the 50% level at 1667.61. Pending that, resistance stands at 1748.15.

Crude_Oil_Gold_Under_Pressure_as_Euro_Debt_Fears_Boost_US_Dollar_body_Picture_4.png, Crude Oil, Gold Under Pressure as Euro Debt Fears Boost US Dollar

Spot Silver (NY Close): $32.22 // +0.52 // +1.65%

As with gold, silver is looking to the US Dollar as the transmission mechanism for broad-based risk sentiment trends, with losses likely ahead as risk aversion gains momentum. Prices are testing support at a rising trend line set from late-September, now at 31.06. A break below initial support exposes the 30.00 figure. Near-term range resistance stands at 33.04.

Crude_Oil_Gold_Under_Pressure_as_Euro_Debt_Fears_Boost_US_Dollar_body_Picture_5.png, Crude Oil, Gold Under Pressure as Euro Debt Fears Boost US Dollar

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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