My reply to an inquiry I just received as to my thoughts on both crude oil (USO) as well as gold & the miners:
Still long oil personally but wouldn’t add or start a new position here as today’s price action looks ugly on the chart. Best to wait for USO to pop over this 15.64ish horizontal resistance which would also trigger a breakout above this 60 minute downtrend line.
USO 60 minute Aug 5th
Regarding gold & the miners, not much has changed since my last update. GLD closed below my buy-point (that downtrend on my weekly chart) for the last two weeks & baring a considerable rally from here into the close Friday, is poised to print a 3rd consecutive weekly close below. Therefore, I personally wouldn’t add any exposure unless/until we get some decent evidence that at a bottom might be forming (e.g.- a selling climax or a multi-day/week bullish candlestick reversal pattern).
GLD weekly Aug 5th