gold is now barely hanging on to its 100-day moving average (a test of the 200-day could see it go down near-term to $1,012/oz and this would represent a salivating opportunity to build those long-term positions). The oil price, at around $76/bbl, is also in the process of testing its 100-day moving average and a break to the downside would likely mean a further move down towards $70/bbl. Copper is also showing signs of fatigue as it loses ground for the second week in a row. Again, all in the context of a secular bull market in raw materials.
---Rosenberg, 1/22
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