Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Update
Showtime for Crude Oil
April 27, 2022 - (Gold Market Wire) - Crude Oil has been the market of 2022, no doubt. And now, it is reaching a technical show down which will determine the next move.
Yes, it's true that Crude has meandered as of late. Well, so be it. Considering the wholesale collapse in Sterling and the Euro, its been quite the place to park money, actually! As good as US dollars ... and then some. Investors can take heart from the lack of action. It's still been a solid play.
Now we come to the showdown. We've got to favour the upside, really. The global situation couldn't be worse. Who can sell crude in an environment like this? We see an inside rally building, and the trend looks stronger than the over-hanging down trend. Only the relentless march of the US Dollar (Goldbugs...we've told you this for years now!) has kept Oil from exploding higher. But if we must take a nod to those 'fiat'-haters, yes, then we will take Oil over Dollars...any day.