US Dollar index fell 0.40 % today .Euro gained against USD and Yen . This cause Gold to return back from 1273-1280 again. Whole world is waiting for FED new policy,,,,,people believe that there is no increase in interest hence USD going down, this will cause commodity price higher,In other case, some people believe that FED policy may deteriote market too ? Sell ? no idea yet , so traders who are waiting to take new position can hold right now to see the direction
OIL
November brent OIL is trading at 79$ today.......lower USD pushing OIL higher,,, this will increase the price of OIL later but fall of Copper and Gold may keep oil price pressured below 75$,,,,,,american consumer confidence is keeping oil price below,,,but FED good outlook on Economy can support crude oil price above 75$....If Fed could come with old natural guessed policy OIL will rise,,,,difficult time for OIL but now it wants to grow,,,,,,,,,we believe market will have good correction if news come bad..from FED..........all is well all is FED today
Copper
Copper can fell if US housing starts came negative. In other case Chinese authorities warned URBAN home dealers to make housing price reasonable,,( it is too much high ) They may impose higher tax. But investors are believing that Housing start in US in the month of Aug has done well, Japanese and Chinese import of raw copper is higher so price will sustain...Currently Copper is fighting whether to be above 350 or below of it.........so any small bad news can give heavy correction on copper and silver so those who wants to buy copper just wait to see correction if didn't fell change your policy to sell at 355 and above
If copper fell there is good support at 342$
Gold
Gold is hero now,,,,,if gold fell or so correction of 10-20 $ all oil copper and silver will fail. Look at how gold is performing,,,,,,,,, if gold is falling look at which other commodity is selling more ,,,check its technical points and buy them , but Long term Gold will rise higher and there will be plenty of buying pressure at dip points,,,,,,,,,Today's Gold closing is very important,,,,currently Gold showing that it will rise to 1290$ if didn't go down below 1275 today......
