UPDATE ON PRECIOUS METALS AND CRUDE OIL (3:00 pm EDST)
Both gold and silver made peaks on Friday (in our reversal zone for these metals) before prices pulled back a bit. It looks like both metals are now taking some sort of correction (especially since gold made a new high on Friday while silver did not - i.e. bearish divergence). A modest sub-cycle corrective dip is due this week in gold (but not in silver) that could take prices to the 15-day moving average (now around $1330 and rising). But it's also possible for gold to fall below that (and even get as low as $1290 for a more serious correction). Either way, we are looking to buy the bottom of this correction in both gold and silver. Silver's cycle is only three week's old and not yet due for a significant sub-cycle correction. Silver's dip may go to to $14.50 - $14.70. Gold and silver both started new medium-term cycles recently so they are potentially very bullish now. On the sidelines and looking to go long soon (maybe over the next few days).
Crude oil appears to be making a double bottom to its low from last Wednesday at $51 (July contract chart). That low was in the current reversal zone for crude (June 7 - 24), but it can still push lower this week. Because it looks like we are starting a new medium-term cycle here, we want to buy this low. We will do this if prices edge a bit lower over the next few days. On the sidelines but looking to go long soon.
Both gold and silver made peaks on Friday (in our reversal zone for these metals) before prices pulled back a bit. It looks like both metals are now taking some sort of correction (especially since gold made a new high on Friday while silver did not - i.e. bearish divergence). A modest sub-cycle corrective dip is due this week in gold (but not in silver) that could take prices to the 15-day moving average (now around $1330 and rising). But it's also possible for gold to fall below that (and even get as low as $1290 for a more serious correction). Either way, we are looking to buy the bottom of this correction in both gold and silver. Silver's cycle is only three week's old and not yet due for a significant sub-cycle correction. Silver's dip may go to to $14.50 - $14.70. Gold and silver both started new medium-term cycles recently so they are potentially very bullish now. On the sidelines and looking to go long soon (maybe over the next few days).
Crude oil appears to be making a double bottom to its low from last Wednesday at $51 (July contract chart). That low was in the current reversal zone for crude (June 7 - 24), but it can still push lower this week. Because it looks like we are starting a new medium-term cycle here, we want to buy this low. We will do this if prices edge a bit lower over the next few days. On the sidelines but looking to go long soon.
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