Commodities: Gold makes another new high, while Oil re-tests $81

LONDON (ShareCast) - Gold continues to push higher on the back of increased dollar weakness, making a new all-time high in the process at $1,095.70.

It seems only a matter of time before the market hits $1,100 level. The charts now show support around the $1,065 area.

Crude Oil jumped higher after the EIA inventory data instead of showing a surplus of 1 million barrels, came in with a shortfall of 4 million barrels. This caused a further flurry of buying towards the highs just above $81.00 and the 100 week moving average which is currently sitting at $81.80.

A break and close above this level would target $89.

The FOMC at 19:15GMT this evening will go a long way to determine the dollar direction over the next few days.