Sep Crude oil, depite Mr. Putin, is poised to test 91.00 on the weekly charts.
interesting the knee jerk reaction, once again saw stocks break (then rally back) and the grains rallied. Truly knee jerk rally in the wheat here in the US. Although short lived. Anything can change over the weekend, but despite these shocks, the supply and demand is pointing towards lower gold and stronger stocks.
Note the weekly chart below in crude oil. Note the resistance at $106.60 for Sep Crude. If we ever trade above that, you would expect a break out higher. Vise versa, if we settle below $90.00 you could see a new leg down.
