Commodities: Gold heads for $1,100 while Oil awaits inventory data

LONDON (ShareCast) - Renewed US dollar weakness has continued to buoy commodity prices today as Gold again made a new high this morning at $1,095.

Given the current weakness of the dollar it looks only a matter of time before the yellow metal hits $1,100.

Crude Oil is also higher, despite making 1 week lows yesterday at $76.55, it is now back above $80 again, and back near to the $82.00 highs, and the 100 week moving average resistance area. With EIA weekly inventories due out shortly, and with the numbers being notoriously volatile we could well see a significant move later this afternoon.