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Well most of them are sort of heading south. But no further chatter lets see what the charts say.
For each we will look at a daily and weekly – 90 periods of course.
Firstly Oil:
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In the short term oil looks soft and even further out it does not appear that it will have any momentum. So not a ‘long’ – but maybe a ‘short’ opportunity in the near term – and it is not too late to get on board.
Gold:
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At the peak of 2011 the pundits had gold at 2300/2400:
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Try almost a third of that – around $900 in the coming year. That’s markets for you. And no market is exempt.
Copper:
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So copper could also go back to five year levels.
And the Aussie really just confirms that it is weak as the outlook for commodities is weak:
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To me all the above makes sense. But the above view is contrarian to the equities outlook. Which one is right?
Enjoy the ride
Tom Scollon |