Gold is no longer investor’s safest heaven

The Precious Metal is losing its position as the safest investment for risk adverse investors since the eight months best Non-Farm Payroll figures released on Friday, so traders re-trusted U.S. dollar as lower risk than the last three months.

  
Back to the shiny metal which holds the same bearish trend this week breaking three weeks low at $1281 per ounce reaching $1278.90 per ounce as four weeks low during the early morning trades with more than 30 weeks low trading volume.

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U.S. Indices performance

Dow Jones industrial index showing another bullish trend yesterday scoring 15696 which came just after the crude oil inventory report which showed higher gas consumption, in the detailed look inside the report industrial sector is recovering in U.S., today Dow Jones scored 15778 as day’s high with 15685 average trading prices just before the unemployment claims report which expected to be lower than the previous week.

Standard and Poor 500, As same as the production sector recovering S&P 500 production index is rebounding from one week low on Tuesday reaching 1774.25 as three months high started after Crude oil inventory yesterday and supported with good forecasts to shrink the unemployment levels for this week reaching five weeks low. NASDAQ 100 is rebounding after two days loss reaching 3386.75 as day’s high counting the unemployment claims report this noon. 

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Crude Oil, First gain in eight days

Crude Oil gains from five months low scored yesterday in the first rise for eight days, WTI started its gain today waiting for the crude oil inventory report in U.S. so that the forecasts are about low inventory of 1.7 Million barrels which will increase the demand on crude oil to recover the weekly budgeted stock of four to six Million barrels range, sense that the current level of stock in absolutely insufficient level to cover the minimum need of the U.S. economy. 

WTI reached the level of $94.24 per barrel as day’s high and average trading price at the range of $94.11 per barrel $1.08 per barrel higher than yesterday’s price supported at $93.95 per barrel. 

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Canadian Dollar recovering on long term

Loonie is recovering a little for today against U.S. dollar, after 2.2 percent declining in October reaching 1.0270 as two months low. Loonie faced a hard decline last month due to crude oil demand reduction in U.S. and China; sense they are the biggest consumers of its main product. 

On four hours chart we can see that Loonie found support on 1.0410 reaching four days high on 1.0453, CAD was traded at the level of 1.0435 as trading average for the day waiting for the expected increase in the Building permits tomorrow Wednesday the 6th of November, 2013 at 13:30 GMT.

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AUD, First gain in nine days

After scoring three months high in late October at 0.9757, Australian dollar recorded downward graph for the last nine days and scoring three weeks low on the first day of November at 0.9421. 

Yesterday, Australian Dollar started to gain a bit reaching 0.9510 as today’s high just after the increase in the Retail sales announced today with 0.3% reaching 0.8% which is the biggest increase in seven months fort the Australian economy. 

Forecasts shows that AUD will still in the same trend if tomorrow’s Cash rate and RBA rate statement showed a little well record, finding support on 0.9459 for the next 24 hours.

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Euro in a hard round

Nevertheless Germany had a good unemployment change which supposed to push the Euro but it went down for seven days reaching seven days low during Friday morning trades because of the U.S. economy recovering which appeared obviously this week.

In details, Euro bearish trend started at the last Friday when the unemployment claims in U.S. - the main economical competitor - decreased to four weeks low although the hard period it was in in addition of some bad results announced during that week, but Dollar held its last breath to recover investors’ confidence.

Then that was followed by declining Germany consumer confidence keeping Germany the firs responsible for the Euro federation economy strength, the blue union held the same unemployment rate at 12.2% while they reported that they will decrease it lower than 12% during the last month, which was a hard smash at Euro’s investors’ confidence, so Euro is surfing on the worst bearish wave in three months.

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U.S. Economy starting its recovery

Today, unemployment claims reached its four week low declining by 10K from the past one reaching 340K as a genuine sign for starting the recovery of U.S. economy after the hard period of September and early October. Due to that U.S. Dollar started to regain investors’ confidence against the safest heaven, Gold started its third declining day with $1338.10 per ounce after 14 days of gain reaching $1344.71 per ounce as day’s high $20 lower than last week’s high. Staying with the expectations of the bearish wave until U.S. Dollar fall again.

Crude Oil is scoring new low at $96.06 per barrel after the surplus in U.S. inventory levels reaching 4.1M barrels 1.1M barrels lower than September inventory but 2.2M barrels higher than the forecasts. To keep crude oil in the downward trend for the third day too.

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