Nymex Light Crude is testing support at $60/barrel on the long-term rising trendline. Breach would confirm a primary down-trend with a long-term target of $45/barrel.
Crude and gold tend to rise and fall together. The long-term chart below compares gold and crude prices adjusted for inflation (CPI).
The bear rally in Gold met resistance below $1250. Reversal below support at $1180 would offer a long-term target of $1050/ounce (the 2015 low).
Low crude prices tend to strengthen the Dollar (scale inverted on the chart below).
The Dollar Index is testing resistance at 97. Breakout is likely and would further weaken demand for Gold.
