Monday Is Chart Day

The big threat to gold right now is a potential gold sale by the IMF. Here’s a story from Mineweb.com on why that probably won’t happen: http://www.mineweb.net/american_notes/606828.htm

Now, let’s look at crude oil…

Last week, I said simple momentum would likely carry crude to 57.50, the 25% Fibonacci retracement of its big sell-off. It did that. Now, the next target is 61.18. If you’re more bullish, the 50% retracement (very common) is 64.47, or round off to 64.50.

This, despite the fact that US nat'l gas stocks are 6% higher than last yr; total oil products are 1% higher; and gasoline is 2% higher. Maybe political risk is being priced back in.

Check out my new gold and energy blog at MoneyAndMarkets.com