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Gold weakens while crude rises

By Colin Twiggs
February 14th, 2013 3:00 a.m. ET (7:00 p:m AET)

These extracts from my trading diary are for educational purposes. Any advice contained therein is provided for the general information of readers and does not have regard to any particular person's investment objectives, financial situation or needs and must not be construed as advice to buy, sell, hold or otherwise deal with any securities or other investments. Accordingly, no reader should act on the basis of any information contained therein without first having consulted a suitably qualified financial advisor. Full terms and conditions can be found at Terms of Use.



Gold is undergoing a correction on the weekly chart. Breach of support at 1625 would indicate another test of primary support at $1525. Retreat of 63-day Twiggs Momentum below zero warns of a primary down-trend. Recovery above $1700 per ounce, however, would indicate that the correction is over.

Spot Gold

Crude oil, however, is rising, with Brent Crude breaking resistance at $117/barrel to signal a primary up-trend. Twiggs Momentum rising above zero already suggests an up-trend. Recovery of Nymex WTI above $99/barrel would confirm.

Crude Oil

* Target calculation: 116 + ( 116 - 106 ) = 126

Normally gold and crude move together. A divergence would be highlighted by the gold-oil ratio (below). A decline to 10 is normally taken as buying signal, but in recent years fluctuations have been a lot narrower — between 12 and 18.

Gold-oil ratio

More....

Aussie Dollar tests trendline

ASX 200 passes first test

Sterling falls

Euro tests support

Dollar Index weakens

Time for U.S. to Disengage from North Korea Crisis | Cato Institute

Commodities declining

Fed's 2007 Transcripts Show Shift to Alarm | WSJ.com

A credit vigilante arrives at the Fed | Gavyn Davies

OECD Leading Indicators Point to Divergence | WSJ.com

Revolving door may have hurt SEC money fund reforms | Reuters



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