Fundamentals, Oil & Gold

Oil, Metals to Trade With Stocks as Risk Trends Dominate

Commodities – Energy

Earnings Reports Take Center Stage as Crude Trades with Risk Sentiment

Crude Oil (WTI)       $77.50        -$0.63        -0.81%
Oil has continued to consolidate in a familiar range between $78.17 and $76.82. Bearish momentum is seen as Swiss banking giant UBS as well as German luxury carmaker BMW and retailer Metro AG reported disappointing third-quarter earnings. Mastercard Inc, Marathon Oil Corp, and Viacom Inc are notable names set to report results ahead of the opening bell on Wall St. September’s US Factory Orders is the only item of marginal significance on the data docket to be released late into the session, but the report is unlikely to prove particularly market-moving considering traders have already seen and reacted to the October ISM survey.

Commodities – Metals

Gold to Turn Lower Below Triple Top Resistance, Silver Consolidation Continues

Gold       $1058.62        -$0.87       -0.08%
Gold prices rebounded to re-test resistance at the triple top just below $1070 mark and are now building an Evening Star bearish reversal candlestick formation. As with crude, earnings reports take center stage today with a pause in scheduled event risk until Wednesday brings the FOMC rate decision, followed by the same out of the BOE on Thursday as well as the all-important Non Farm Payrolls report on Friday.

Silver       $16.39       -$0.06        -0.36%
Technical positioning remains unchanged as prices continue to consolidate in a narrow range between $16.11 and $16.75. As with gold and oil, earnings reports (detailed above) are the catalysts to watch on the fundamental front.