It has been a rowdy start to the trading week and here is what to expect next for gold and oil, plus a shocking chart of the day.
KWN will be publishing extra articles today due to the violent nature of the trading in global markets after the attack on Saudi Arabia
Mind The Gap
September 16 (King World News) – Ole Hansen, Head of Commodity Strategy at SaxoBank: “Mind the gap… Brent crude oil spiked to $72/b o/n as leveraged shorts got stopped out. Now back to $66.3/b and within reach of the $63.8/b top from last Tuesday. A risk premium will now be built in but demand risks will be lurking. Weak China data o/n a reminder of this (see below).
CAUTION: Shorts Already Stopped Out Of Crude Oil
Positioning In WTI & Brent Crude Oil Markets
Ole Hansen, Head of Commodity Strategy at SaxoBank continues: “The Saudi Aramco attack impact depends on the strength of short-covering, how soon supply can be restored and what kind of response/retaliation KSA chooses to deliver…
To learn which junior explorer is looking to drill some of the best holes in the world CLICK HERE OR ON THE IMAGE BELOW
COT on WTI and Brent in week to Sept-10 showed longs being close to the five-year average (see below).
May Not See Much More Short Covering As Managed Money Neutral (Net-Long) WTI Crude Oil Market
Managed Money Also Neutral (Net-Long) Brent Crude Oil Market
Gold May Rally To New Short-Term Highs
Top Citi analyst Tom Fitzpatrick: “Gold has held the channel base and is beginning to turn up again with momentum crossing from stretched levels (see below).
Gold Has Held Base Channel And Is Beginning To Turn…New Highs Coming $1,690-$1,800?
Top Citi analyst Tom Fitzpatrick continues: “A rally back to the highs and beyond is expected. Our overall target for this. Move remains in the $1,690 area (we also have extended targets at $1,800). This is consistent with the indications of a rally in Treasury prices.
About The Nearly 50,000 Worker Strike At GM…
Jason Goepfert at SentimenTrader: “It’s almost like there’s a pattern between market cycles and unions feeling like they have leverage. (See below).
CHART OF THE DAY: Previous GM Strikes Have Led To Big Nosedives In Stocks
***KWN has now released the powerful audio interview where Dr. Stephen Leeb says the world may see $20,000-$25,000 gold CLICK HERE OR ON THE IMAGE BELOW.
What You Need To Watch As Crude Oil Is Soaring
READ THIS NEXT! As We Kickoff Trading After Saudi’s Attacked And Crude Oil Is Soaring, Here Is What You Need To Watch CLICK HERE TO READ
More articles to follow…
In the meantime, other important releases…
Oil Spikes $7 And Gold Surges Back Above $1,500 After Drone Attacks On Saudi Oil Facilities CLICK HERE TO READ
Dr. Stephen Leeb – The World May See $20,000-$25,000 Gold CLICK HERE TO READ
Bullion Banks And Commercials Making Moves In The Gold & Silver Markets CLICK HERE TO READ
This Is Where Things Stand After The Dust Has Settled In Global Markets CLICK HERE TO READ
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