Is the price of gold set to surge $600+ higher in December? Plus look at why crude oil may be poised to explode higher.

Gold
November 5 (King World News) – Rashad Hajiyev:  Gold largely ranged traded during the entire month of October finally forming a capitulation sell-off in the last day. During the month of November I expect gold to mirror image October and trade sideways following which I expect gold to test August high into year end 2026…

KING WORLD NEWS NOTE: This Chart Projects Gold Price To Surge $600+ Back Above $4,700 In December

Oil And Oil Stocks
Lukas Ekwueme:  Oil stocks are getting crushed while oil itself is surging.

KING WORLD NEWS NOTE: Oil Stock Selloff (RED LINE) Intensified As Oil Traded Higher (BLUE LINE)

Iran War And Oil
Eric Nuttall:  So what’s our game plan? The market is assuming the historic Democratic sweep will force Trump to take his aircraft carriers and go home, essentially TACOing. This in spite of yet another 2 ships in the Strait struck overnight and his legacy in question. The oil market has violently corrected, with the 2027 WTI strip falling by ~$10 in the past 3 sessions, sitting about $10 higher than before the war.

Oil stocks have been crushed, we think more by machine than by human as we could not find many major blocks to buy in stocks yesterday that were falling by 8% or more. It was all “in the machines.”

My view is oil stocks today are far more investable than they were a few weeks ago. Some are now near pre-war levels, while others have taken advantage of the past 9 month windfall to deleverage, consolidate, aggressively buy back stock, or at worst stockpile cash. Now that much of the war premium has been taken out, companies will feel more comfortable stepping up share buybacks. We are finding compelling value again and the sector is no longer “fairly valued” by our estimates at what we believe to be the marginal cost of supply ($70WTI).

The war is not over and nor is the greatest energy supply crisis of our lifetimes. Oil exports through the Strait remain down 4-5MM Bbl/d, global oil inventories sit at record lows, and global SPRs will have to be restocked amounting to ~500k bbl/d of new demand for the next 3 years. Sentiment has gone from euphoria to disbelief in a matter of a week. Time will tell, but this feels like a good time to once again be selectively deploying capital…

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Oil
Axis Balance:  Oil remains near the bottom of a multi-decade relative performance structure.

The first major signal to watch is a breakout above Cycle Resistance, extending from the 2008 peak.

Such a breakout could mark the beginning of a potential secular shift in market leadership from financial assets toward real assets.

KING WORLD NEWS NOTE: WTI Crude Oil Price Coiled To Explode Violently Higher vs S&P 500!

Beyond that, the next milestones are secular resistance and eventually the 0.03 level.

Historical peaks reveal recurring 28-, 31- and 59-year intervals. Could 2039 mark the next secular peak?

Too early to tell.

For now, the base is still forming. Confirmation must come from price.

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