News Headline Summary

Following the break above USD 1,700 in spot gold, commodities rally with WTI crude futures briefly printing above USD 88 per barrel

Analysis details (17:43)

There is no fundamental news behind these latest moves, and upside exaggerated by thin volumes and the triggering of technical levels. As noted previously, markets remain sensitive to any developments in the US presidential race as the US goes to the polls. There was earlier chatter that Romney may be ahead in Ohio, causing a rally in US stock futures however these markets have pulled off their best levels.

Added to this is the S&P composition change and weight change for the 2013 S&P GSCI Commodity Index, with WTI crude having the largest percentage point weight decrease; Brent and Heating Oil have the largest percentage point increases.

Spot Gold is now up USD 31.67 on the day (+1.90%), and WTI crude futures up USD 2.37 at USD 88.03.

06 Nov 2012 - 17:35 - Energy - Source: RANsquawk

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