Crude Oil Daily Chart Update

My intent was to eliminate all other months and stay with the December contracts for the rest of the year. This is still the November month as it slipped past me.

The recent rally still looks corrective so $50 is still on the table from my perspective, or let’s say it’s still on my wish list.

I refuse to spend my time regurgitating all the fundamental analysis out there as they change with the wind. Since 2019 there were about 6 swings in different directions in oil and I bet very few readers remember what fundamental news events happened for each one.

The short version is that when analysts hype a certain direction it gets up and goes the opposite direction.

The Gold/Oil ratio is about 27:1 and it might compress a bit more in the next few weeks, and it takes the Gold/Oil ratio 35-40:1 before oil becomes cheap again.

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Silver Intraday Decline Review

It sure looks like the silver bearish phase is continuing but gold is lagging behind. Gold can give us a bullish wave count while silver fits into a 4th wave rally very well.

Silver has walked to a different drummer for as long as I have been tracking it, so I do not expect it to change.

Silver is $3.65 away from crashing to new record lows while gold has a much further distance to cover.

Only time will answer that question which could take to the end of the year or longer.

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