Which raises the question: If oil can only hold its own in the face of a falling buck what would it do if the dollar was rising?
Ditto for gold.
From Kimble Charting Solutions:
Crude Oil is worth about a third (down 65%) of what it was worth back in 2008. It’s lost about half of it value from just three years ago (2014 highs). The declines in Crude over the past 9-years has created a series of lower highs, reflecting it still remains in a long-term down trend.
Below updates the pattern of Crude over the past decade-
As mentioned above, Crude has continued to create a series of lower highs since it hit resistance line (1) back in 2015. It hit falling resistance line (2) earlier this year, only to head lower and create another lower high....MOREWTI $49.55 down 62 cents. Brent $52.01 down 0.71.
As for gold we still think we'll see $875 before the decline is over but it's been boring, $1200 to $1300 for months now, so we haven't been posting. $1279.70, up $6.30.
