Gold , silver, and crude oil all reached new highs yesterday before a selloff in commodities pushed prices down and the three commodities finished the day lower. However, this may just be a result of short term profit taking before the next rally. Today's market events are: EUR - German Industrial Production - 11:00 GMT Expectations: 1.1%. Previous: -0.8%. An output below market expectations may hurt the value of the EUR/CHF. The next support for the pair rests at 1.3000 followed by 1.2930. Resistance comes in at 1.3200. Oil - Weekly Crude Oil Inventories Expectations: -1.3m. Previous: 1.1m. A larger draw down than expected could help continue to push prices up above the $90 level until the $100 level. NZD - Official Cash Rate Expectations: 3.00%. Previous: 3.00%. New Zealand is not expected to adjust its interest rate. Yesterday Australia held its interest rate steady and hinted at a looser monetary policy. Perhaps the same can be expected from New Zealand. If this is the case further bullishness in the AUD/NZD should be seen with the next resistance levels coming in at 1.3070 and 1.3210. Spot gold prices rose to a new all-time high yesterday before falling lower. The hourly chart shows the price is currently trading near the congestion area of $1,390. This may present an opportunity to enter long with a target at the resistance level of $1,410, followed by the all-time high of $1,431. Forex traders can place a protective stop below the support level of $1,380 for a trade setup that allows for a respectable 2:1 profit to risk ratio.

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