Crude oil has slipped below key support, opening the door for a medium-term trend change, while gold and silver prices look to have re-coupled with trends in risk sentiment and by extension with global stock markets. Read more: DailyFX - Crude Oil Snaps Uptrend, Metals Re-Couple with Risky Assets http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2010-01-13-0944-Crude_Oil_Snaps_Uptrend__Metals.html#ixzz0cUAodAy9 CRUDE OIL BULL TREND BROKEN, FURTHER LOSSES AHEAD Crude Oil (WTI) $80.16 -$0.63 -0.78% Oil prices broke lower out of a rising channel that had guided prices since mid-December, marking what appears to be a major medium-term trend change. Prices have gapped below initial support at $80.33 and now look set to move below the figure to test $78.48. The calendar brings the weekly Department of Energy crude inventory numbers as well as the Fed’s Beige Book – a recap of regional economic conditions from the central bank’s branches around the US. The former release may not prove especially market-moving, with traders likely to have already priced in higher inventories after yesterday’s release of preliminary estimates from the American Petroleum Institute for the same period. This leaves the Beige Book as the key catalyst to watch in the near term, with anything akin to last week’s lackluster NFP report likely to give the bears just enough fuel to extend downward momentum. Read more: DailyFX - Crude Oil Snaps Uptrend, Metals Re-Couple with Risky Assets http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2010-01-13-0944-Crude_Oil_Snaps_Uptrend__Metals.html#ixzz0cUApxibv

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