Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Update
Crude Oil Makes an Inside Move
September 29, 2022 - (Gold Market Wire) - Crude Oil makes a first move to break out of the downtrend that has been punctuated by an inexorable rise in the US Dollar. The only story as of late has been the US dollar vs. Everything, and commodities have been doing little but basing, until the "smoke" clears. Now, with US dollar settled in at much higher levels, it may be time for Crude Oil to start a move higher.
The chart shows the potential move ahead. There is nothing on the 'war front' to indicate a diminution in hostilities - actually - quite the opposite. And so, we look towards crude oil again. The take-out of Nord Stream I and II, on what looks like a permanent basis, is going to cause tightness across the energy spectrum. Nat's will now definitely have to be substituted for, across Europe. That means home heating oil... which means crude input into the system.
While the Dollar rally is not likely over, it could be time for commodities to step back into the limelight.