Oil appears to have broken through the very long-term resistance. Very worrying. Sign of more bad things to come.
stockcharts.com[w,a]dalaynay[dj][pd200,2][ilb14!la12,26,9]
stockcharts.com[w,a]dallynay[dm][pd200,2]
I can remember people on this thread saying that the oil price would fall from about $26 to $10 after the Iraq invasion when, in fact, the very opposite has happened.
And this is the ratio of the gold price to the oil price
stockcharts.com[w,a]dallynay[dm][pd200,2]
Gold, as a hedge, is not keeping up to the oil price and right now appears very weak in comparison. In fact, it looks like it may not even hold a 10:1 price ratio. In the long term, even the XAU hasn't kept up to the oil price.
stockcharts.com[w,a]dallynay[dm][pd200,2] |
