COMMODITY ANALYSIS TODAY
- CPO: Saturated Stalking Correction, Potential Bearish Enduring
- Beware Sell Gold Under Pressure Support 1621
- CPO: GMMA and MACD Agreed Up, Stochasctics Come up Sinyak Correction
- Beware of Action Profit-Taking Oil
- Gold Pricing Up When Translucent 1690
U.S. crude oil futures contract moved up in early trading session on Tuesday after last ride in New York when the market focused on the completion of the project U.S. oil pipeline completion at the weekend. Continued oil pipeline project which is used to deliver 400,000 barrels per day from the previous 150,000 barrels per day should help reduce the oil spill in Cushing, Oklahoma.
Crude oil for February rose 7 cents to $ 93.26 a barrel.
Brent crude oil contract closed at rate $ 111.40 per barrel in London yesterday. A Reuters technical analyst showed that U.S. crude oil prices will test the back area of resistance in the range of $ 93.89 - $ 94.17 per barrel, the penetration rates that may open opportunities to $ 95.37. Brent crude oil contract will last neutral if prices continue to be in the range of $ 110.50 - $ 112.41 per barrel, said a Reuters technical analyst.
Speculation ECB weakening Euro
The euro weakened to the level of 3-week low against the dollar on speculation the European Central Bank will be signaling its readiness to cut interest rates at this week's meeting. The euro weakened against most major currencies after data showed the inflation rate in the euro zone manufacturers slowed more than economists forecast in November. "The ECB meeting this week will be the focus," said Jane Foley, senior currency strategically at Rabobank International in London. "If the speculation the ECB cut interest rates by developing it can hit the euro against the dollar."
Kospi fell Related prospects 'Earnings'
Kospi Index - South Korea appears to continue the decline in trading Tuesday (8/1) because investors worried about the outlook for corporate earnings after a number of U.S. equities weakened on the eve of the financial statements. Expectations are rife these days is that the report 'earnings' this time it's going to need a hard struggle to meet expectations. Markets were also facing the prospect of the U.S. deficit debate that has been shrinking market confidence as the practical limitations of the U.S. debt ceiling has been reached.
Giant Samsung Electronics Inc.. recorded dropped to 1.1% after it reported the largest technology manufacturers 4th quarter operating profit by 8.8 trillion Korean won, and revenue of 56.7 trillion won, in which the general rate according to analysts' estimates.
