FX.co ★ Crude oil and Gold review

Crude Oil
Crude oil futures closed above the level of 78 dollars per barrel at the Friday auctions, and it was already the seventh successive closing in the positive territory. The rise in price of the oil futures is related to the fact that investors still optimistically estimate prospects of the economy recovery.
According to the trading results of the New York Commodity Exchange, the November sweet crude oil futures ticked up by 95 cents, or 1,2 %, to 78,53 dollars per barrel. It was the highest indicator since 14 October, 2008. The Brent oil futures rose in price by76 cents, or 1 %, to 76,99 dollars per barrel.
The last week encouraging economic data induced investors to put money in more risky assets, such as oil.
The November crude oil contracts term will come on Tuesday, and traders often invest on the threshold of this event, trying to get profit that leads to the volatility trade.

Gold
Gold futures returned lost positions and closed on Friday with a small increase as the market participants bought gold again after the previous sales. According to the investors, the gold prices fall observed recently gave good possibility for purchases.
December gold futures in follow-up of COMEX trading up by 90 cents to 1051,50 dollars per ounce.
The investors’ technical purchases, who were guided by graphs, also supported the gold futures at the Friday trading.
December gold futures jumped aside from 10 days moving average, that is at level of 1049,60 dollars per ounce.

Regards,
Analyst: Vladimir Donin