News Headline Summary

Commodities come under heavy selling pressure from the COMEX pit open, with stops tripped on the way through overnight lows in spot gold, bringing prices below USD 1,700

Analysis details (14:15)

- WTI Crude futures print a low at USD 87.59 as the move brings WTI below USD 88.00, with Brent futures printing a concurrent low at USD 109.25.
- Additionally, a tier 1 bank has recommended Gold as another major liquidation trade. The bank notes that USD 1,693 is the 50% retracement of the August rally, while USD 1,668 is the 61.8% level.
- Earlier in the session, there was market talk that there had been an unwind of long gold positions into peripheral bonds as investors move out of CHF, due to negative deposit rates being communicated to clients by Credit Suisse.
- Attention also paid to an FT article out yesterday which is once again garnering attention. FT writes "Texas crude glut sparks oil price swings". The article reports that the production boost in Texas crude oil may be sparking a glut and underscoring some of the swings in oil prices.


04 Dec 2012 - 13:52 - Energy Rumour - Source: RANsquawk/FT/IFR

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