It did happen this morning.
On a short term basis, i would now say that oil has bottomed at 26.50$ and gold has peaked at 1240$
That being said it does not mean that volatility is out but we had capitulation at the opening with volume simply incredible on gold and oil.
This week-end could bring in interesting news that will either keep volatility high and even short squeeze some in the oil sector.
Simply imagine this scenario: Yellen meeting today could indicate no more interest rate hike this year bringing some stability on stocks and sending sell signal to gold.
Now simply imagine that the talks looks like in the direction of reducing interest they just raised recently and BANG there you are with gold going down like crazy to value of 3 or 4 weeks ago and would likely help oil stabilizes around 30$.
Put that into Canadian oil producers perspective and there could be large profit looming on a very short term basis.
Let see now how the day goes!
On a short term basis, i would now say that oil has bottomed at 26.50$ and gold has peaked at 1240$
That being said it does not mean that volatility is out but we had capitulation at the opening with volume simply incredible on gold and oil.
This week-end could bring in interesting news that will either keep volatility high and even short squeeze some in the oil sector.
Simply imagine this scenario: Yellen meeting today could indicate no more interest rate hike this year bringing some stability on stocks and sending sell signal to gold.
Now simply imagine that the talks looks like in the direction of reducing interest they just raised recently and BANG there you are with gold going down like crazy to value of 3 or 4 weeks ago and would likely help oil stabilizes around 30$.
Put that into Canadian oil producers perspective and there could be large profit looming on a very short term basis.
Let see now how the day goes!
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