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Global macro: Fundamentals, not politics, backing commodities

Posted on 10 October 2013

U.S. politics have stolen the spotlight, but fundamentals are still backing commodity and commodity currency price patterns. Oil and the Aussie dollar have traded in volatile ranges over the past few days, due to uncertainty over the debt ceiling in the U.S. Looking further out at a daily chart, however, the price patterns show logical formations.
The first chart below is of United States Oil (USO). Oil has developed what looks to be a head-and-shoulders reversal formation at yearly highs. Summer has ended and the Syrian violence premium has all but diminished, as oil struggles to maintain its lofty price levels………………………………………..Full Article: Source


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This post was written by:

VRS - who has written 38561 posts on Opalesque Commodities Briefing.


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