How high does Doc see the oil price moving?
Doc is with us today before going on a 2 week vacation. We discuss the reversal in gold earlier today which puts the price right back in the middle of its recent trading range. We also chat oil and the continued move up toward $50/ barrel.
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The trick is dont play the game too long.
Just got a giggle from your thinking, I thought it was only me.lol
Speculation remains at an all time high, despite gold having trouble breaking above the 2015 high.
Summary
Long term – on a new major buy signal, ending the major sell signal from early 2012.
Short term – on mixed signals.
Gold sector cycle – turned down last week.
Caution is advised as a multi-week correction may have begun.
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May 14, 2016
Jack Chan
Have a great holiday Doc.
Stay away from the shrimp this year 😉
Stick with anchovies!
LOL
I have had a target of $48 to 49.80 for quite a while with many people calling for new lows.
There for awhile in the metals it was sell them in the Asian trade and buy them in the NY trade now it is just the opposite, why the change?
Doc, I thought I’d you know I bought some NSRPF last Friday@.71 so that you and others on this site can safely go short and cover@.55