3 Oct 2013
Commodities on downtrend corrective mode on Thursday
FXstreet.com (Athens) – While the major commodities enjoyed a sharp rally on Wednesday, it might be plausible that would be on a corrective downtrend today.
Commodities on a corrective downtrend after yesterday’s sharp rally
The dollar index is falling since the kick-off of the Asian trading session, having already hit a low as of 79.781, its lowest since February. It last traded down 0.3 percent to 79.892. What’s more crude oil and Brent move downwards today (-0.43%) and (-0.35%) respectively, which can be mostly seen as a corrective movement after yesterday’s sharp gains. Elaborating on,
Crude oil prices ended with their largest gain in two weeks on Wednesday following news that TransCanada Corp's TRP.TO Keystone XL Gulf Coast pipeline would start up by the end of the year. Furthermore, U.S. oil futures ended the day $2.06 per barrel higher, or up 2.02 percent, at $104.10, after trading as high as $104.23.Brent gained $1.25 or 1.16 percent to finish at $109.19.
U.S. crude ended with its largest daily percentage gain since Sept. 18 as did Brent. Finally, Brent's premium over U.S. crude oil ended at $5.09 per barrel, after narrowing to $4.99, its smallest level in a week.
Gold rose more than 2 percent on Wednesday as a drop in the dollar and a fall in U.S. equities sparked bargain hunting that recouped most of bullion's tumble the previous session. In addition to the above, spot gold was up 2.4 percent to $1,316.41 an ounce, rebounding some $40 from a two-month low at $1,278.24 earlier in the session. Last but not least, U.S. gold futures for December delivery settled up $34.60 at $1,320.70 an ounce, with volume about 5 percent above its 30-day average. At the time of writing, the spot price of gold is trading lower at 1312.24, down 0.42%.
Commodities on a corrective downtrend after yesterday’s sharp rally
The dollar index is falling since the kick-off of the Asian trading session, having already hit a low as of 79.781, its lowest since February. It last traded down 0.3 percent to 79.892. What’s more crude oil and Brent move downwards today (-0.43%) and (-0.35%) respectively, which can be mostly seen as a corrective movement after yesterday’s sharp gains. Elaborating on,
Crude oil prices ended with their largest gain in two weeks on Wednesday following news that TransCanada Corp's TRP.TO Keystone XL Gulf Coast pipeline would start up by the end of the year. Furthermore, U.S. oil futures ended the day $2.06 per barrel higher, or up 2.02 percent, at $104.10, after trading as high as $104.23.Brent gained $1.25 or 1.16 percent to finish at $109.19.
U.S. crude ended with its largest daily percentage gain since Sept. 18 as did Brent. Finally, Brent's premium over U.S. crude oil ended at $5.09 per barrel, after narrowing to $4.99, its smallest level in a week.
Gold rose more than 2 percent on Wednesday as a drop in the dollar and a fall in U.S. equities sparked bargain hunting that recouped most of bullion's tumble the previous session. In addition to the above, spot gold was up 2.4 percent to $1,316.41 an ounce, rebounding some $40 from a two-month low at $1,278.24 earlier in the session. Last but not least, U.S. gold futures for December delivery settled up $34.60 at $1,320.70 an ounce, with volume about 5 percent above its 30-day average. At the time of writing, the spot price of gold is trading lower at 1312.24, down 0.42%.