11 thoughts on “A LOOK AT ENERGY – Oil and Gold

  1. boltfan13

    I agree the XLE breakout will only last 5-10 days. Hot money goes where the action is though. GDX now in the ‘c’ of it’s abc correction. I’m with Alex. Sub-1300 gold is coming before the next upleg really begins.

    1. Gary Post author

      I’m going to take the opposite view and say you are both going to be wrong on gold. To go sub 1300 would indicate a left translated intermediate cycle and those just should not happen during bull markets.

      1. duckwhorocks1

        It is going to be sub $1,250 most likely and $22 minimum on GDX, with you emailing me a burrito money :).

        1. Gary Post author

          Didn’t you guys already lose multiple burritos on a stock market bet, an oil bet, and a dollar bet?

          1. duckwhorocks1

            Dude, go back and read my comments.
            I said Oil up, Stocks up and GDX/Gold down.
            I actually defended your call on the stock market.

        2. ras

          Technically, gld/gdx price action is weak. Momentum is down. Would not be surprised if gdx dives to $22 over time. Just ride the trend. There is no arguing with price.

  2. s29

    Oil has upside until around the FOMC-meeting, certainly if the Fed doesn’t raise rates. If oil is about $50, the OPEC-meeting end of the month will probably will be again a sell-the-news event. The higher oil is, the lower the probability OPEC will act.

  3. zkotpen

    Looks like people are divided on the short term outlook for gold.

    This time, I’m in Gary’s camp:

    Gold should move higher in this daily cycle.

    1. duckwhorocks1

      I don’t think “dude” is rude.
      He is lumping me with the permabears on all subjects.
      The only calls I have made have been what I stated above.

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