Submitted by webmaster on Tue, 20/11/2012 - 08:29.
The GOLD/CRUDE OIL RATIO is likely to go down as gold under performs crude...in our blog of November 2 we pointed out that this ratio was looking toppy and now as you can see in the chart of the ratio that an important uptrend has been violated. The ratio is at 19.42 and needs to close through 19.41 to confirm the possibility that it could fall by almost 10 per cent to reach the +-17.75 support provided by the next uptrend and the 200 day moving average. The GOLD/OIL ratio is closely watched by goldbugs so any weaker performance in this ratio would be a disappointment to them.
The Global Seven Scorecard shows how CRUDE has risen from 0 to +4 as it signals that it is going to out perform the other components on the model...have a look at www.investrac.com/global-seven
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