Oil And Gold Analysis: October 28, 2013
ICM Brokers | Oct 28, 2013 05:17AM ET
CL
Crude oil prices advanced after paring the sixth decline in seven weeks, as orders for durable goods increased the most in three months and the U.S. stock markets gained. Trading was 40 percent lower than the 100-day average. The weekly decline was 2.9 percent. Crude is down 13 percent from the 2013 high of $112.24 reached in intraday trading on August 28.
GOLD
Gold advanced to the highest in a month on speculation that the Federal Reserve will maintain stimulus to boost economic growth. U.S. orders to manufacturers unexpectedly dropped in September, while consumer sentiment sank in October to a 10-month low, as separate reports. Gold gained 0.2 percent after touching $1,356.00, the highest since September 20. The precious metal added 2.9 percent this week, the second straight increase.
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