Keeping an eye on the oil and gold trades

News reports are saying oil futures are down close to $35 again today. Here's the USO chart on which I'd marked and ask whether time symmetry of waves down might cause Friday or today to mark the right shoulder of a reverse H&S pattern.

By definition, meaning only by waiting to see whether the following trading day (tomorrow) brings a trigger reversal day, we won't be able to confirm until Tuesday.

Still, anyone in the trade should be looking at their indicators including on the hourly and short-term charts for any hints of it.

In gold, news (e.g. Reuters, check needs feeds right side of this page) is that gold rose as high as $845.55 an ounce, its highest level in a week, before dropping to $839.80 an ounce by 0635 GMT, down $2.05 from New York's notional close, as oil prices also declined. You can check the posted charts and commentary on gold provided here yesterday for context on the gold trade.