Oil, gold could rise after profit-taking sell-Sharp ...

Crude rises White Superior Copper correct profit taking gold, the risk-weighted assets and have a range of silver to be jumping entries Ebbing New Haven to raw materials in U.S. dollars on the rise in European trading and profit-taking gently lifted risky assets after aggressive sell-out yesterday, the shadow of the headwinds of a disappointing German IFO reading. Prices fell in the last 24 hours as global fears of further economic growth, according to the directions of deepening weakness in China, the euro zone and the United States against the backdrop of the muted hopes for stimulus Fed. Ben Bernanke, and the company decided to expand the QE at a meeting of the FOMC rate decision to suspend committee earlier this week. Moody's decision to downgrade the credit ratings of 15 of the world's largest banks reinforces the dour mood.
For the future, the S & P 500 stock index futures are up, which means more of the same is ahead. Crude oil and copper prices are ready to follow the stock higher, while gold and silver is de facto support a restoration of confidence Haven reduced demand for the dollar. Dallas Fed Manufacturing Survey headlines from the calendar on the hours of the U.S., with expectations calling for a flat reading in June, after the indicator has the biggest drop since September 2011 released last month. New report from May for the House and the Chicago Fed National Activity Index must also cross the wires.
In the meantime, a two-day meeting of finance ministers in Brussels to follow. Coming on the heels of the G20 summit earlier this week, where officials are included in the region face severe pressure from world leaders to step up efforts to the debt crisis, which may be seen sit-down, the occurrence of some preliminary policy ideas. Specific initiatives are likely to wait until the summit of EU leaders next week, but traders continue to pay particular attention to comments to be paid from the sidelines during the first clues.
WTI Crude (NY Close): $ 78.20 / / -3.25 / / -3.99%
Prices broke below the 23.6% Fibonacci b expansionat 81.07, revealing the level of 38.2% to 77.34. Sale is further directed by this edge of the expansion of 50% to 74.40. The 23.6% Fibonacci resistance has been recast as a short term ...

 Daily Chart - Created Using FXCM Marketscope 2.0
Spot Gold (NY Close): $1566.28 // -41.20 // -2.56%
Prices 1600/oz took the figure and 38.2% Fibonacci retracement from 1582.10 to challenge the interim support at 1554.73. A break below this limit makes from 1522.50 to 32.45 range. The limit of 1582.10 has been revised to be as short-term resistance....

Daily Chart - Created Using FXCM Marketscope 2.0
Spot Silver (NY Close): $26.89 // -1.27 // -4.51%
Prices are testing the support at 26.75, on May 16 under, with a break in the low exposure of the Triple higher in 26.05. Short term lines of resistance up to 27.84, the bottom of the formation prior to rotating table flag, which previously acted as a support.

Daily Chart - Created Using FXCM Marketscope 2.0
COMEX E-Mini Copper (NY Close): $3.298 // -0.090 // -2.66%
The prices will test support at 3296, 23.6% Fibonacci expansion. A downside breakout shows in the tri-support 3.250. Short term resistance is at 3.384, the Fibonacci retracement of 23.6%.

Daily Chart - Created Using FXCM Marketscope 2.0

USD, Yen Outperform as NFPs Prompt Risk Sell-Off

The Japanese yen is the highest performing currency against a stronger greenback in early trade with the USD/JPY US off by 0.42% on the session. Equity markets were off sharply at the open after a disappointing non-farm payroll report on Friday came in at 120 K, missing expectations for a print of 206 K. Classic risk-off flows have continued to support the low yielders with the greenback and the yen acting as the chief beneficiaries of haven flows with yen advances continuing to outpace those of the dollar early in the session.

The USD/JPY has continued to trade within the confines of a descending channel training dating back to the 21st of March with interim support seen resting at the 100% Fibonacci extension taken from the March 21 1st and April 1st at 81.18 crests. A break below this training risks further dollar losses with subsequent floors seen at the 81-figure and the 123.6% extension at 80.70. Interim topside resistance stands at 81.40 with a break above the 78.6% extension at 81.63 offering further belief it long to the 61.8% extension at the 82-figure. Our medium-term outlook on the together remains weighted to the topside with only a daily close below 80.70 negating our directional bias.

Key Levels/Indicators

The euro is the weakest performer against the dollar with the pair off by 0.21% on the session. A daily chart shows critical support for the single currency at the 50% Fibonacci tracing taken from the January 16th advance at 1.3055 and trendline support taken from the February 16th low, currently at 1.3035. Daily resistance stands with the 100 - day moving average at 1.3142 and is backed by the 38.2% tracing at 1.3155 closely. Note that RSI continued to trade within the descending channel training with only a breach above channel resistance negating our bearish bias.

The intra-day chart shows the pair testing trendline resistance of the descending channel training dating back to the April 3rd high after failing testing key support at 1.3035 daily in overnight trade. Interim support targets below this level are eyed at the 78.6% Fibonacci extension taken from the February 24th and March 27th at the crests 1. 30-figure, and 1.2960 1.2980. A breach above the 61.8% extension at 1.3085 negates the short-term bias with such a scenario eyeing subsequent ceilings at 1.3115, the 50% extension at 1.3145 and 1.3180. For complete scalp targets on the EUR/USD refer to last week's Scalp Report. Look to volatility in the pair to pick up tomorrow as European markets come back online from the Easter holiday break.