Commodity-linked currencies advanced as Gold continues to break records and Crude Oil rose above $80. Crude Oil rose beyond $80 after the weekly EIA report showed stockpiles unexpectedly dropped 4.0 million barrels. Today, oil prices slipped below $80 a barrel as the U.S. dollar strengthened, making commodities like crude more expensive for international investors. By early afternoon in Europe, benchmark crude for December delivery was down 56 cents to $79.84 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 80 cents to settle at $80.40 on Wednesday.

As shown in the image below (4-hour candlestick chart), the black gold seems to be ready to move towards new highs. It is consolidating in area 80$ and will probably try to break this resistance soon. We consider risky, although feasible, a trade from the current prices with a first target at 82$, and in case of break, it will have space for a solid bullish movement.

Very slowly, the imbalances in the U.S. oil market have been sorting themselves out, - Barclays Capital said in a report - A key part of that adjustment has been the winnowing away of the overhang of inventories.

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