We don’t expect a lower low at this time to form. For now, the 10 day moving average is holding in line with our expectations. We anticipate a bounce into early next week, followed by a choppy period of consolidation for 2 weeks before a sustained rally takes hold.
We are using an ETF, GLD, to illustrate the price of gold. Gold has followed our projected path. We ultimately are waiting for our buy target April 13/14 for a definitive low. This should be followed by sustained multi-week advance.
We expect oil to start to grind higher into the end of April. Above we are using an ETF, USO, which tracks the price of crude oil . We like oil at these prices but feel greater returns can be made through metals and share markets shortly.