Commodities continuing to be dumped on dollar strength and global growth concerns following ECB's change in stance overnight and a batch of weak US economic data. Oil tumbling below the $93 handle to a low of $92.81/barrel in Asian after hours trade. The downside move comes after the contract settled $4.56 lower in NYMEX at $93.97 after hitting a low of $93.56. The price has since bounced back to just above $93, but continues to look vulnerable to further unwinding. Key support is touted at $91.11, with major resistance back up at $96.83.
Gold has otherwise slid below $840 to a low of $832.70/oz and back within sights of last nights 2 week low of $829.20.
Saturday, October 4, 2008
Commodities Dumping Continues, Dollar Strengthen
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