DY: Oil and Gold Break Out Higher, Durable Goods in Focus
Oil and gold broke higher together as the US Dollar reversed course downward but the headline commodities may diverge as US Durable Goods data crosses the wires.
Commodities – Energy
OIL PRICES BREAK HIGHER EYEING $79 AHEAD OF DURABLE GOODS DATA
Crude Oil (WTI) $77.04 +$0.37 +0.48%
Prices broke out of a rising channel that had guided prices higher from the swing bottom below $70 set earlier this month after DOE inventory fell more than expected. The path looks clear for a rise to test near $79. Thin liquidity conditions may prove to amplify volatility to produce significant momentum as November’s US Durable Goods Orders figures cross the wires. Forecasts call for an increase of 0.5% versus a -0.6% decline in the previous month, boosting expectations of future crude demand and offering a catalyst to validate the technical landscape.
