Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Update
Crude Oil Breaks the Power Downtrend
August 8, 2022 - (Gold Market Wire) - Crude Oil has pulled back, but we may be at the end of that event. The power downtrend is giving way, and this could be a very good place to add some (long term, i.e. 6 months) length.
Pelosi's trip to Taiwan has come and gone, and most feel that she got away with it "without incident". We disagree. China is formulating it's response and a blockade of Taiwan could be in the making. China has the potential to freeze Taiwan's economy out, and a blockade would then force the US to run said blockade to protect Taiwan. It's going to get very dangerous between now and the end of the year.
The war premium in oil hasn't evaporated. It was just having a rest. It is likely to come back within the next 1-3 months, but it could start moving now. We like length here.