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Crude Oil, Gold and Silver Poised to Rise as US Dollar Weakens
Created on Tuesday, 20 December 2011 02:15Category: Commodities
Crude oil, gold and silver prices are poised to advance as a rebound in sentiment-sensitive assets puts downward pressure on the safe-haven US Dollar.
Talking Points
- Crude Oil Prices Poised to Follow S&P 500 Recovery Higher
- Gold, Silver May Find Bullish Catalyst in US Dollar Weakness
WTI Crude Oil (NY Close): $93.88 //
+0.35 // +0.37%
Crude oil prices are poised to rise as S&P 500 stock index futures push higher in European trade, pointing to a broad-based recovery in growth-sensitive assets. Prices are testing resistance lines up at 94.58, with a push above that targeting the December 9 low at 97.35. Falling channel support stands at 92.59. On the data front, US Housing Starts and Building Permits as well as preliminary API set of weekly inventory figures are ahead.
Daily Chart - Created Using FXCM Marketscope 2.0
Spot Gold (NY Close): $1594.27 // -4.68 // -0.29%
The overnight pickup in S&P 500 stock index futures suggests a corrective recovery in risk appetite will dent safe-haven demand for the US Dollar, offering a de-facto lift to gold prices. Initial resistance is found at 1609.05, with a break above that exposing 1680.55. Significant support remains at 1562.55.
Daily Chart - Created Using FXCM Marketscope 2.0
Spot Silver (NY Close): $28.81 // -0.93 // -3.13%
As with gold, the recovery in risk appetite being signaled in S&P 500 stock index futures bodes well for silver as the safe-haven US Dollar retreats. Prices remain wedged between 28.41 and 29.79, with a break higher exposing rising trend line support-turned-resistance at 31.82.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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Courtesy Yahoo Financial News