Raw materials - energy crude tumbles on China interest rate hike crude oil (WTI)-$ 80.27 / / $0,78 / / 0.98% commentary: crude oil was proposed in Friday's session to China for the first time in three years interest rates raised. The goods declined to pay $3,59 or 4.32% to $79.49. The Chinese Central Bank raised its key rate by 25 basis points, send deposit rates and 2.25% interest a year 5.56%. Given how crude oil bust and risk had become assets in general this was the catalyst for the dealer of looking were to lock in profits. But the door is very narrow when everyone is looking to stop once, so we looked on the line giant moves. Basically this does not change things much, but risks are always elevated when monetary conditions to worsen. China is still in the process of Orchestration a soft landing, and in this respect have been largely successful, but with crude oil at the top of a 1-year range, it is not surprising to see a movement, the low. As China represents 40% of this year's growth of in global demand, it is the single most important driver of oil bases on the demand side. Significant progress in the country are enlarged by traders in the short-term, and this is how we have such a large decrease in. Our Outlook remains the same. Buy crude oil on the dips look, but we would not fire up the low drag until Centre$ 70's. Global economic recovery is on the right track and crude oil should remain offer well in such an environment. Winnings are however extremely gradual as supply at this time is plentiful. Active trading is therefore needed to Excel. Technical Outlook: after prolonged consolidation that eventually put on prices, a bearish engulfing candlestick pattern well done in on 10 / 7, break, support stop at the 23.6% Fibonacci retracement of the latest boom ($81.20) just before the 38.2% level at $79.21. Fibonacci was 23.6% now as resistance revision has continued to sell, at the level $77.60 target of 50%.
Raw materials - metals gold gets pounded on dollar rebound gold$ 1338.95 / / $6.90 / / 0.52% comment: it little surprising is the US dollar ahead sharp versus rivals on Tuesday, Gold hard beat got. The metal was to pay $36,40 or 2.66% to $1332.05. We have extensively about how recently gold dealer have used as a vehicle to written against the greenback bets. After the latest moves a month correlation between gold and the dollar is to 0.96. Gold has been show a strong positive correlation with stock markets, and this pattern instead both on Tuesday. The one-month correlation between S and P 500 stock index and gold is 0.92. The latest step in gold and the dollar can the Chinese interest rate hike, a reversal in all established trends as a merchant catalyzed attributed to lock in profits. Now we will look at to see if it follow through when a meaningful reduction now is in the works or whether this is a unique move was. Technical Outlook: prices have broken out by a growing channel in the town since the end of September, session help the 23.6% Fibonacci retracement of the advance 7/28-10/14 ($1332.99). Continued selling here aims at the level of 38.2% to $1299.37. Initial resistance lines where $1350-$ 1360 congestion region. Silver$ 23.62 / / $0.25 / / 1.09% commentary: gold, and how was acted as a leveraged game in typical fashion silver the day wennicheinanderes for gold, it was even uglier for silver. $0.96 Or 3.93% lost the metal to close to $23,37. The gold/silver ratio is now at 56.7, close to the lowest level since August 2008. (The ratio measures the relative performance of gold and silver) (A higher number indicates gold outperformance while a lower number indicates silver outperformance). Technical Outlook: prices reversed lower after retesting is resistance at the bottom of support turned set a growing channel from late September, the broken earlier this week, was taking out the next disadvantage barrier at $23.50. From here, the bears are a rising trend line of end objectives August, now at $22.83.
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