Precious metals soar today on the back of central bank rhetoric while energies are lifted mildly by recovery in stocks. Gold surges to new record high of 1167.8 as St Louis Fed President James Bullard expressed his support on extending the program for mortgage-backed securities beyond Q1 of 2010. The comments trigger more fund flows fro dollar to gold, which is seen as further deterioration in the confidence on the greenback. Silver also benefit from weakness in dollar and resumed recent rally to 18.90 so far. There is no sign of topping in previous metals yet and we could see gold hits 1200 psychological level in near term.

Asian stocks were led higher by Australian equities and were broadly higher, except in Japan where it's on holiday. The strength of investor optimism carried on to the European session as PMIs from Eurozone showed improvements. Manufacturing PMI rose slightly from 50.7 to 51 in November versus expectation of 51.2 while Services PMI rose from 52.6 to 53.2 versus consensus of 52.9. The strength in equities is lifting crude oil from last week's low.

In addition, oil is supported by news that Iranian military exercise which renewed concerns over Middle Eastern Supply. Iran, the number four exporter of crude oil after Saudi Arabia, Russia and Norway, launched defensive warfare excise this week for defense of its nuclear sites in case of attacks. The news is generally viewed as being supportive to oil prices.

Technically speaking, 1165/70 is a near term resistance in gold but there is no sign of topping yet. Sustained trading above 1170 will likely send gold through 1200 psychological level with ease to next projection level at 1258. Silver should be on the way to 19.55/21.44 resistance zone. Crude oil's rebound is so far quite mild and is limited below 80.51 near term resistance, which should keep the near term bearish outlook intact.

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