Gold seems the only safe trade at the moment. Recent gold recommendations here are working, and I’ll monitor it closely going forward. The weekly gold chart below highlights the big resistance right above current prices. I’d expect a pause in the rally as gains are digested before a concerted attack on that resistance zone near 920-935. If gold gets above 940, it can be a quick run to over 1000.
Click chart to enlarge
Crude oil has likewise come to a point of previous trading congestion, in this case it’s support in the 85 area. I think this level will give way and lead to an accelerated move into the low 70s. Again, this could be a quick decline once the mid-80s support gives way.
Click chart to enlarge
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