This pattern in USO is not at all pleasing. Interestingly, it comes just as the ‘Golden Cross!’ (of the 50 MA above the 200) hype was about to rev up. The pattern, if it declines just a teeny bit more, would target just below 10.
We have key support in the CRB index down to around the SMA 200, and oil rolling over could be just the thing that can get it to the low 180’s. This chart is not real time and CRB is down today.
If silver manages to maintain its recent performance vs. gold and remains on its signal throughout the process and inflation expectations bottom, commodities could be indicated to be a buy on the pullback.
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