I wonder if any of you guys were caught buying on a high in crude oil and silver or gold. The scale of the correction took me by surprise and that says a lot consider we have seen big corrections in the past for gold and silver.
On the weekly chart, USO did not successfully clear $46 or the 200 day EMA resistance on high volume. USO is currently very oversold and could be due for a bounce. however, I do wonder if it will go all the way down to $32 – 33.
The price trend looks to be inching up for a golden cross where the 20 day EMA will cut the 200 day EMA from below. Until then, if you would like to trade, we do suggest to take some profits off at resistance.
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