It seems to me for this coming week, that Gold should rise and oil should decline. I noticed this pattern a few weeks ago and I should have been more patient with going long gold. I definitely was early this year in my buying and I definitely learned some things about the markets that I did not fully grasp. It will be worth it all if I do better in the future. The move in oil to $75 was a Classic Goldman Sacks Pump and now we are going to have the Dump. How low do we go in oil? Well obviously each person reading this knows, something I am spot on and sometimes I am in left field by myself, but I am still thinking at least $60.
Oh, one more thing. I am thinking that the USD also peaked and should go down into year end.
Gold is up slightly right now and looking promising, but I decided after reading the article on the Chinese that if gold closes below Friday's close and in particular closes below Friday's low, then I am out and out for an extended period of time. If gold is headed to $1215 or what ever, I will respect this until I understand things better.
Based on the same article, I am also reevaluating my take on positions in currencies. Since the price of golsd also has an influence on the price of currencies. Interesting concepts.
Crude down sharply again today........looking more and more like the "short term" top is in.
Crude 3 month chart
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Crude1year chart below
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Crude 5 year chart below
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Crude10 year chart below
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Gold Charts. Down close to 1 year lows. Just below Jan 2018 lows.
Gold 3 month:
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Gold 1 year below
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Gold getting hammered today. Breaking out below the significant lows from a year ago!
Last price for August Gold 1230.8 down 11.4.
Crude stablizing after the recent plunge and ahead of the EIA report tomorrow(AGA this afternoon)