On 12/29 (in the chart below) the Power of the Pattern suggested that a “right shoulder” could be forming in Gas prices and that $2.50 was a key level for gas to not break above. If gas were to break above $2.50 prices could get rather painful at the pump. (see post here)
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Below is a close up view of the potential “Right Shoulder” in gas. This pattern is long from proving itself, yet if the read is correct, some relief at the pump could be around the corner.
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On a side note, potential similiar pattern in crude might have formed. Crude peaked of late around $92.50 on the 3rd of this month and this afternoon is trading around $88. More relief to come at the pump? Patterns suggest a little relief is on the way!
TA…Have shared in numerous posts that the metals were facing key resistance and that investors should have harvested. I am attempting to score on defense in Silver and am not ready to harvest those positions yet.
Looks like USD is going to start its climb up with numbers from Europe putting pressure on their currencies. Gas should fall. Any opinions on GLD? Thanks.