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Oil And Gold Analysis: Oil Rose To 6 Week High

ByICM Brokers
Published 02/12/2014, 05:50 AM
Updated 04/25/2018, 04:40 AM
GC
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NYF
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CL
West Texas Intermediate rose for the sixth time in seven days to a six-week high after an industry report showed stockpiles fell at the delivery point for the U.S. crude. Futures gained as much as 0.5% in after slipping 0.1% yesterday. Inventories shrank by 2.49 million barrels last week, distillate fuels, a category that includes heating oil and diesel, slid by 1.45 million, WTI for March delivery advanced as much as 53 cents to $100.47 a barrel. The contract fell 12 cents to $99.94 yesterday. The volume of all futures traded was about 82 percent below the 100-day average.
Oil Hour Chart

GOLD
The yellow metal climbed to three months high yesterday at $1293.90 per ounce, amid the testimony of Federal Reserve chairwoman Janet Yelen, the first meeting of Ms. Yelen since here official announcement as a chairwoman in the 3rd of February. Gaining more than $20, gold prices yesterday settled above the 100-day moving average for a second straight day for the first time since October. The metal has also closed above its 50-day measure. Today gold started the session at $1286.60 to gain about 0.4% during the early morning trades recording a high of $1291.91.
Gold Hour Chart

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