In this past Weekend Review, I highlighted; as I have for several weeks now...that the energy sector ($WTIC) crude oil was set to takeoff. >>read more
Here's an updated chart of the dollar, which hit my target, gold and crude oil.
*click chart to expand image
I've been voicing my view over the past few weeks to lighten up on gold, silver & copper and to allocate more into crude oil. I also pointed out that the metals would decline much more so than crude oil. Look at this chart over the last 5 days of Pride Int'l (PDE), Transocean (RIG), Silver Wheaton (SLV) & Yamana (AUY).
Shorter term I see some more downside for gold and silver, but longer term they should trend higher, silver more so than gold. Note on the Silver Wheaton chart, the Bearish Flag formation.
No comments:
Post a Comment