Tuesday, December 16, 2008

Gold and oil update

Gold almost at its 200 dsma now, so will see what kind of a test it gets there. Pretty interesting that gold's up at exactly the same time frame that bonds having been pushing yet higher, with bond yields making new lows, eh? Anyway, for gold the rise is consistent with the thesis of making a "B" wave likely still higher (so long as the recent lows remain intact), so with any turbulence, I'm expecting it would be a corrective pullback or consolidation until gold gets to its expected "B" wave top:


While oil's pattern is trying to look like a trap door long, mainly helped by the volume pickup over the last several days - needs to put in a good trigger day long from an intermediate swing low to look bullish from here:



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