Of Gold and Oil

Posted: July 12, 2016 in Uncategorized

2016 is quite a golden year …literally.

Our positions are going exceptionally  good.

Now the support is at 1,300/ 1,340 and the next resistance is at $1390/$1,400.

Most likely now we will see a consolidation as after $1,400 the next resistance is at $1,550/$1,600 and graphically is open for a real bull run to at least $1,800.

The institutions are quite literally edging their bets between the market and gold.

This implies volatility and more “Brexit” issues (more for the Continent than the UK) and Reserve Banks interventions.

Brent oil looks more like a consolidation pattern with support around $43/40, the path is more uncertain than gold – but it looks like in September could attempt $60 and even break through to $68 – before further weakness…it is substantially trapped between $40 and $60

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