Crude Oil, Gold to Rebound as Traders Rethink Impact US Debt Stalemate
Crude oil and gold are likely to rise as traders dial back fears about the fallout of the failure to strike a deal on US deficit reduction by Congressional "super-committee"
European shares and S&P 500 stock index futures are firmly in positive territory, hinting crude oil set to rise with a broad recovery in risk appetite. The rebound seems reasonable as traders digest yesterday's broad-based selloff in the wake of the failure of the "super-committee" of 12 US Congressmen to come up with a deficit reducion plan by the self-imposed Monday deadline.
Gold continues to moves in the US dollar, hinting the yellow metal is likely to recover over the nearterm as S&P 500 stock index futures point to a recovery in sentimental saps demand for benchmark currency.
