14 Oct 2013
Oil moves lower whilst gold gains momentum
FXstreet.com (Athens) – Oil continues to set up a downtrend shift amidst US fiscal jitters, while gold regains its ‘glitter’ due to its safe haven appeal status.
Oil is trading lower at both sides of Atlantic - even though an uptrend corrective behavior would be well comprehensible - as on Friday crude oil futures settled also lower and with their biggest weekly decline in four weeks. Nevertheless, oil continues to trade lower as the budget fight in Washington between U.S. political parties is expected to linger the coming days and finally erode demand in the world's largest oil consumer. Precisely, at the time of writing Crude Oil is down $0.65 (-0.64%) to $101.37/brl while ICE Brent Crude is also down $0.73 (-0.66%) to $110.55/brl. On the other hand, gold regains its uptrend momentum as risk-aversion pushes market participants to chase gold safe-haven appeal. On the other hand, gold fell 1.5 percent on Friday to its lowest in three months as unusually large sale orders in New York futures and signs a deal might be near to avert a potential U.S. debt default prompted jittery investors to flee the bullion market. Today, amidst risk-off mood, inspired by the fact that US lawmakers failed to find a solution to the fiscal impasse during the weekend, gold is shining gaining 1.03%, trading at $1284.88/oz.
Oil is trading lower at both sides of Atlantic - even though an uptrend corrective behavior would be well comprehensible - as on Friday crude oil futures settled also lower and with their biggest weekly decline in four weeks. Nevertheless, oil continues to trade lower as the budget fight in Washington between U.S. political parties is expected to linger the coming days and finally erode demand in the world's largest oil consumer. Precisely, at the time of writing Crude Oil is down $0.65 (-0.64%) to $101.37/brl while ICE Brent Crude is also down $0.73 (-0.66%) to $110.55/brl. On the other hand, gold regains its uptrend momentum as risk-aversion pushes market participants to chase gold safe-haven appeal. On the other hand, gold fell 1.5 percent on Friday to its lowest in three months as unusually large sale orders in New York futures and signs a deal might be near to avert a potential U.S. debt default prompted jittery investors to flee the bullion market. Today, amidst risk-off mood, inspired by the fact that US lawmakers failed to find a solution to the fiscal impasse during the weekend, gold is shining gaining 1.03%, trading at $1284.88/oz.