Fundamentals

The sky's are unclear, clouds are still concealing the Sun Rays on the US lands, with a breeze of wind that comes to take the clouds away, yet others come again to prevent the light. First we thought that the Credit Crisis has nearly "peaked", but after Bank of America announced their losses yesterday the situation tumbled once again, and fears diffused in the markets another time. According to the Federal currency which dropped from 103 levels to trade now at 102.94 levels against the yen, with expectations that it might head to the downside especially if Exiting Homes Sales came lower than expectations lower than 4.92 million units, but the USD/JPY will be incline again if data cames better than expectations, as this is the only fundamental for today, especially no major earnings will be released later this day from the financial sector.

Probably a low volume will be found in financial markets, especially in the Asian and the European sessions, as markets lack any new fundamentals. Yesterday the bullion continued dropping for the third consecutive day, reaching as low as $911.10 after recording a high of $928.50, where it closed at $915.77 levels. While today the shiny metal could not rise back to last night's levels, just recording a high of $917.90, after opening at $915.79, as now it's trading around $913.80.

Still gold ingots are letting down the proportional relationship with the crude oil; at the time concerns of a shortage in the supply of gasoline in the United States, due to some turbulence in Nigerian refineries, which will threaten the demand of fuel in the summer season; according to those threats the black metal surged to above $117 levels to record another all time high. In a normal situation rising oil prices might grab the shiny metal with it to head higher, but this time the appeal on the sparkling metal is reduced...