Goods – energy petroleum oil test key support for the fourth day of crude oil (WTI)-$ 81.70//$ 0.45/layout% comment: crude packing shed $ 0.49 or 0.6%, to settle at $ 81.25 Tuesday, but the prices are recovering a large part of these losses in trade by night. The market shares continue to be dominated by the debt crisis in Ireland and Europe more generally, but adding a skirmish between the North and South Korea added to concerns on Tuesday. U.S. stocks tumbled 1,4% and close to the test last week lows, but in the days. Similarly, the price of crude oil successfully test the level of support near $ 80 for the fourth day. We have suggested that operators will collect the items around this price, with stops close. The basic foundations for oil still bullish and suggesting the gradual advance. Our view is that the latest flow of negative news is only a part of the wall of worry that all bull markets long and will treat it as such – possibility of purchase. Tomorrow brings Government report U.S. stocks of crude oil and if the test API is any indication, we may be slightly bullish reversal in the products withdrawn from the last few weeks. Report less authoritative industry said that oil stocks rose by EUR 5.1 million barrels, gasoline stocks fell 0.5 million barrels and the distillate stocks fell 0.3 million barrels in the week ending 19 November. If the data of the Department of energy are similar, probably will not yet again testing raw $ 80, but expect a wider confidence macro for the greatest impact on the prices of the shares. Technical Outlook: Prices continue to consolidate in a number of known between 79 49 $ and $ 83.27, with a strong relationship between oil and MSCI World stocks index hints, that would be clearly read the general trend of the risk. Breakdown of higher clears the way for the re-examination of resistance support enabled-the rising trendline set at the end of September, currently at $ 86.51. Alternatively, a renewed sales via $ 79 49 provides to the longer-term trend line set may now to $ 77.45.
Goods – metals Gold rises in the Korean conflict D?ba Dollar surge Gold-$ 1376.30//$ 0.10//0,01% comment: Gold account almost 10 USD, i.e. 0.73%, to settle at $ 1376.40 on Tuesday. Advances took place despite the significant growth of the dollar and all of its competitors. Trade-weighted Dollar Index increased 1,27% thanks to the 1.91% decline in the exchange rate EUR/USD, but even the commodity currencies such as the Aussie, CAD, and kiwi fell. AUD/USD, for example, decreased 1,66%. Of course, gold disconnected from its typical inverse relationship with the
greenback, seeking to focus on Korean skirmish and geopolitical risks associated with them. In the past we have seen this type of response from the gold, but such changes are usually not incurred. In addition, the movement of the 0.73% in gold is not very important. The biggest story on the gold market, our opinion is the sudden interest in gold investors evaporation. Gold ETF holdings are similar to the levels were back in July. Four months with a flat performance is in sharp contrast to the sharp increase in the farms we saw earlier this year. From January to July we have seen an increase in short term holdings fine troy ounces of almost 9 million or 16%. Granted, we are unable to measure the demand for investments in real time, and which may be the missing link explaining the anemic performance and great action ETF holdings, the gold price. However, the two components of demand for investment were moved in tandem in the last few years, we remain cautious. Technical Outlook: Prices breach support enabled the resistance of the growing set of trendline from the end of July, the next up barriers to $ 1387.35. Should have this level of prices, there is a possibility to refrain the right arm of the head and arms of best grubbing in $ 1322.39, 38.2% Fibonacci retracement of the advance 7/28-11/9. Alternatively, push higher by dislocation of resistance provides record high $ 1424.60. Silver-$ 27.64//$ 0.13//0.45% comment: Silver fell $ 0.36 or 1,27% of the $ 27.51, which back some of its recent outperformance and gold. But only if you think the rally in silver may be, again rises zaskakuj?cym upside. The culprit is continued demand for investments, with a silver ETF holdings, in particular, surging. We already spoke about anemic performance gold ETF holdings. Our theory is the investment interest was moved from gold to silver and which led to an explosion in the prices of silver. The silver Market is only one-sixth the size of the market for gold, this request is having a disproportionate impact of investments on the metal. Gold/Silver Ratio increased from 49.8, but still stands near the previous lowest and levels of March 2008. (Gold/silver Ratio measures the relative performance of two precious metals. A higher ratio indicates the outperformance of gold, silver, although lower indicator indicates the outperformance). Technical Outlook: Prices have introduced in bearish Candles hanging Man resistance marked 23.6% Fibonacci retracement to revitalize 10/22-11/09 ($ 27.82), with the lower passage that targets $ 26.87, retracement level 38.2%. Alternatively, the breakdown of the higher provides high 30-year to $ 29.36.
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