Oil and gold – May 2015

Posted: May 8, 2015 in Uncategorized

Oil…the big question is …it is a bear rally or a new rally trend.

At this point it is impossible to know. Only a rejected  retracement to $54 with selling pressure would confirm a new trend.

At the moment also the macro situation does not help. On the Bear side we have Greece and a potential saturation of the stockpile facilities in the US and on the Rally side a pressure for the Saudis to start a ground campaign in Yemen (Yemen is very similar to Afghanistan…every invading army got really blooded).

Gold is in a similar situation consolidating just under $1,200. The support line is $1,140 which would give us a target of $1,000.

For the historically minded the famous mid 1970s low (the one before the really mega rise in 1980) inflation adjusted would be about $1,000/$900)

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