Asia Revival May Be For Real: Unless the data are lying, we are seeing spreading strength across the continent. This is bullish for the commodity complex, which is now breaking out. Gold, copper and oil have all broken above their 200-day moving averages just as the U.S. dollar has broken below its trendline. The U.S.A. is still the largest economy in the world by far, but it is losing its dominance each year and the fact of the matter is that it is a mature service-driven economy. Emerging Asia in general, and China in particular, are still the marginal buyer of basic materials, and their economic success is more critical to the outlook or commodities.
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