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Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Update
Plunging Equities Take Crude Oil Lower
May 10, 2022 - (Gold Market Wire) - Plunging stock markets have taken crude to a major support line.
Maybe the market was anticipating Putin declaring WW III. When that didn't happen, we retraced to support. The smart money booked profit on the surge, and that is the salient lesson from the recent events. Book some profits as you go!
The markt is at a vulnerable place now - no doubt. The trend line in the chart above needs to hold. If it doesn't and the (rough) $100-$115 band that has held us gives way, we may be in for a sharp sell-off.
Wild eyed gamblers can buy small here, while keeping a (very) firm eye on the support line.