Which Way Will Crude Oil Prices Head?

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Oil once again is testing the $87/$88 resistance level. The GOR ~Gold:Oil Ratio ~had broken out last week and since pulled back. Gold appears to want to make a run & retest the recent $1,225 high level. Is gold's run a short term 'flight-to-safety' rally? Perhaps as copper has declined and raised doubt if the recovery has enough to follow through. Itz is eyeing Friday's all important Jobs Report, which will either spark a correction or give the stock market another leg higher. Below is a video from CNBC discussing the price levels of crude oil in coming months. Itz continues to believe that oil will head to $78 or lower, the lower end of it's upward channel. The similarites to late October/November chart could repeat, depending if oil breaks over $78 resistance. Itz has suggested hedging energy positions via ProShares UltraShort Crude Oil etf (SCO).