Equities are selling off in part to European sovereign debt fears and a growing concerns that a slowdown in the global economy is coming, are sending gold prices higher. As ITZ mentioned in the weekend review the U.S. Dollar has run up on 'relative safety' at the same time as gold, especially gold priced in Euros. In this chart ITZ takes a look at how WTI oil has performed versus Gold:Euro using Bollinger Bands and it indicates that oil is a BUY when it breaks the upper band. Granted this is just one observation and not to be a call to buy oil, however several other indicators ITZ tracks are signaling oil's oversold. Gold priced in U.S. Dollar has climbed back up near $1520 resistance. If it can take out and hold above that level it should run to $1530 next, then $1550.
German taxpayers are unhappy about a Greece bailout, says Dennis Gartman, The Gartman Letter.