3 year chart of the ratio between Crude Oil and Gold. The suggestion that a drop in crude oil means a fall in the commodity complex, and specifically in gold is only true some of the time. This chart would be much flatter if oil and gold moved in lockstep. Gold may face weakness should crude oil correct, but the price fall relative to crude oil may differ drastically just as gold appreciation failed to keep up to oil the past 2 months.
I was exploring the use of Stockcharts pitchfork tool and noticed some interesting pivot points on a 1 year chart. This was more of an experimental chart but interesting to TA folk either way no?