Crude Oil Back Where It All Began
The dramatic fall in crude oil price in 2020 has been ghastly. The coronavirus and economic shutdowns were the first bite, but the price and share war between Russia and Saudi Arabia did the big damage. What is odd here at this time in June is that crude oil is right back to that no man’s land of when the unprecedented fall began.
There is serious resistance up at $40 and above, but that bounce back from under $20 is what has allowed for so many strong stock moves and analyst calls for companies to keep rising ahead.
Gold’s Place at $1,750 and Above
Gold is bumping back up against $1,750 per ounce and there is a serious level of resistance on the chart. When you look at a 10-year chart, look at what happens were you get these wider periods of time where the gold chart turns into a “red magic marker” as traders fight it out. The trading history shows that explosive moves have been witnessed thereafter. Whether that next explosive move is higher or lower has yet to be determined.
With trillions of dollars in newly minted stimulus money by the Fed and trillions elsewhere from central banks it’s probably an easy bet to guess which direction the so-called gold bugs are expecting. And for the downside, if the economic recovery is going to continue and if better income and safety sources are abundant, then gold may lose some of its luster.
Chart Source: Kitco.com 10 Year Gold Chart
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