It’s time to talk about gold and oil once again. Gold is beginning to break down. It’s currently at 786, below the net-line sell level of 798.10. Notice how the cycle-trap has been rising since August 20 and that period has marked a sideways move in gold. The obvious conclusion is that this downtrend is so strong that the corrective rallies are unable to achieve more than weak sideways price action. The bottom channel on the daily chart is currently at 735!
click chart to enlarge
Crude oil made another range-bust reversal bar yesterday (green & black bar), and the attempted morning rally was stopped by the resistance of the net-line buy level at 110.25. The bottom channel on the daily chart is now at 99.50. Double-digit oil prices are on the horizon.
click chart to enlarge
The gold-dollar-October report has been delayed, but will be completed soon. I appreciate your patience!
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