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Let's Gain - The Professional Signals Provider - Signals, Trading Systems, Technical Analysis

Thursday
Nov 20th
Commodities Rally

Commodities' prices continue their rally towards new high.

Oil hit yesterday a new high at 104.95 $, pushed by a likely supply cut by OPEC due to a potential oil demand reduction in the close future. We expect it to trade higher again and to move to 107 $ per barrel. A weaker dollar and speculation will manage the rise of crude prices for the next days.

Gold hit a new record level yesterday, again pushed by a weak dollar and by super inflation concerns. It is well known that Gold represents a safe harbour against an inflation storm. It seems now that more and more ships are docking there. The 1000 $ barrier will be forced soon, a weaker dollar will take the gold to a 4 digit figure by the end of the week.

Today the ECB policy makers will meet to decide on whether reduce its main lending rate or not. Everybody expects they will not make any cut, so we are ready to see the dollar at 1.55 vs Euro.



Free space for a crude jump
Crude Oil future march delivery has a lot of space to freely run upwards. Technically it bounced on two consistent supports after a constant fall from over 100$ touched the first trading day of the year. Many factors will push the crude price up again, first resistance at 94,05 $. Fed expected rate cut and Opec meeting on Friday 1st february are the main topics to speculate on crude price. USD is lower again and this leads commodities' prices higher.
 
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