China's positive economic data published early morning yesterday, helped boost Crude oil price to 4 weeks high above $75. Crude oil may still reach $77 dollar per barrel if good reports would continue to support global recovery.
Traders should pay attention today to UK Manufacturing Production report published at 8:30 GMT, forecasts are at 0.6% increase which is much lower than previous figure 2.3%. Due to the wide gap between previous and forecasted it is unlikely that data would surprise investor's enough to send crude oil much higher than $77. At 12:30 GMT, U.S. Core Retail Sales may provide a boost to crude Oil price, if data turns out higher than 0.1% forecast.
Gold price on the other hand declined, after it reached as low as $1215 per ounce during yesterday's trading session. Gold has recently gained from fears about the global economy. In fact Gold has turned to the new safe haven, gold price reached record high of $1250 the beginning of the week. Therefore it is no surprise to see gold price declining when fears fade off.