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Crude Moves Down, Gold Could Power Higher

Published 07/16/2019, 02:00 AM
Updated 07/09/2023, 06:31 AM

I did an ETF roundup over the weekend for our gold and diamond members, and in it, I highlighted Crude Oil’s vulnerability to a downturn, based principally on its approach of an important price gap. I was pleased to see that panned out nicely, with crude withering away persistently.

Down Crude

Looking at the USO (NYSE:USO) chart itself, you can see where the price gap is and how prices did an “about-face!” once they got there.

Crude Gap Price Level

On an almost totally unrelated note, in spite of my belief that Gold and gold miners could keep powering higher, I’ve got to express my affection for one precious metal short that I’ve mentioned in the past, which is Pan American Silver Corp (NASDAQ:PAAS). That is one doozy of a right triangle top.

PAAS Chart

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