$2,150 Gold Price And $35 Crude Oil…Tale Of Opposites

Massive virus attack sent my main computer for repair limiting my posting this past weekend.  However, I have been able to get my Point and Figure charts done -- and here I show the gold and oil charts.  They are going in different directions.

GOLD Point & Figure Chart

Back in Jan. of 2015 gold made a move with a break through $1250 but went nowhere.  It turned and continued to new lows.  Hey, I never said P&F charts are infallible.  The next upside break came on its move to $1200 with an initial projection to $1350, which it reached recently.  Now we have a new upside break and this one projects to the $2150 level.  If it does in fact continue along its way (with some downs along with the ups) and reaches a level of $1500 another even more extensive projection will be possible at that time.  The present danger is a move to the $1200 level which would put gold back into a bear trend.

TEXAS LIGHT SWEET CRUDE P&F CHART

Back on March 2, 2016 Texas Light Sweet Crude hit a value of $35 which was a P&F breakout.  This break initially projected to the $51 level which it recently met.  Now, the tide has turned and oil broke on the down side with an initial projection of $35.  There seems to be strong support at the $35 level so one might expect the move to stop there but let the charts tell you that when or if it gets there.

Readers are invited to view my Facebook page at https://facebook.com/merv.burak where I will be slowly posting commentaries explaining in more detail my various indicators and techniques. I also present from time to time some individual stocks that look as if they may be good speculations.  However, nothing I post is meant to be a recommendation to buy or sell.  One should check with their broker or investment advisor before acting.