Greetings Everyone!
The API/EIA Crude Inventories provide impetus for the November Contact to correct into significance, as well as “bleed out” into Gold with a high Correlation of Price on the Immediate-Term.
Massive Rhetoric is emerging from many Fronts these past several days… Obama, the BoE, China and the Development bank, as well as the FOMC and the latest developments coming about QE and any future “leaks” in Sentiment.
With “Rhetoric Overload”… we simply do what we always do… and let the Techs guide as with Price following Due Course… as it should be.
Crude and Gold look to Immediate-Term Corrections while they are embroiled in Bear Flag Formations here… the Fractals are Classic and noted.
Here are the Hourly Views of both, and Post-Time is 15:15 GMT.
The Queen rolls along with stronger sentiment today with the BoE’s Barker having legitimate concerns about stabilizing and sustaining current Financial Inflows, as well as the Gilt-Buying “Overload”… depending on your particular view.
My personal View is Cable is simply still “Out Of Favor”… period… so any strength is likely to be related to the U.S. Equities/Indices/Dollar Fronts… as opposed to any altruistic Strength in the Sterling Itself due to “jawboning” from the BoE Front.
The Hourly View here at 15:15 GMT provides illustration of intra-Day Strength concerning the Macro-Bear Flag Formation.
We will see how all of this plays out, as we conclude the FOMC today… as well as that “Circus” in Pittsburgh called the G-20 !
😉
