DFX: Oil May Rebound as Gold, Silver Extend Losses to End Trading Week
Oil prices may see corrective gains while gold and silver continue to push higher to end the trading week after December's US consumer price index figures cross the wires.
Oil prices have drifted to support at $78.48 following yesterday’s weaker-than-expected US retail sales figures, with a break lower opening the door for significant losses aiming below the $76 level. December’s CPI figures may prove supportive, with expectations calling for the annual rate to rise to 2.8%, the highest since October 2008. This coupled with the highest University of Michigan confidence reading in two years may help underpin expectations of recovery in the world’s largest crude-consuming nation, helping to engineer a corrective upswing to end the trading week. Near-term resistance lines up at $80.33.
Read more: DailyFX - Oil May Rebound as Gold, Silver Extend Losses to End Trading Week http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2010-01-15-1259-Oil_May_Rebound_as_Gold_.html#ixzz0cggLomKI
