Loading ...Gold:WTIC oil ratio is back-testing its breakout above 33.
Taking a look at the charts this afternoon, I noticed that the Gold:WTIC oil ratio is back-testing its breakout above 33 at the very right hand end of the chart, after a very brief visit to 39.
The ratio has BO and BT so far only because WTI is moving.
Yes I guess that’s true … I wonder, does that matter? I am not being contentious – I don’t know if it does matter or if it doesn’t. I would welcome some suggestions.
Maybe it does, since gold has not moved much in the past few weeks while oil crashed and has now bounced.
I notice there is a little H&S pattern on the lower chart above the 33 zone, which correponds to an inverted H&S in WTIC oil. It will be interesting to see if the move in the ratio to 39 was just a flush but it is still interesting to me that there was a breakout in the gold:WTIC ratio that as far as I can tell has not gone that high since 1933.