A Look at Energy – Oil and Gold
Oil and energy stocks have a bit further to rally but I do not expect either to get very far before the next daily cycle low comes due. This video will show you the likely trajectory of future price performance in the energy markets over the next several weeks.
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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.
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.
It is going to be sub $1,250 most likely and $22 minimum on GDX, with you emailing me a burrito money :).
Didn’t you guys already lose multiple burritos on a stock market bet, an oil bet, and a dollar bet?
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.
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.
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.
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.
duckwhorocks1 , your comment is rude, have respect to person who gives you services for free…
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.
I’ve got news for you. This is not a counter trend move. The dollar has started a bear market against the yen.