Gold: Gold still looks positive despite the correction yesterday. Maybe that changes. The miners, on the other, hand still have issues and I was stopped out of some positions yesterday. We are at the lower downtrend line on the GDX as I write. We should find some support in here but that is for the short term only. We need to break up over the upper downtrend line in order to get more positive. We seem to be range bound.
Oil: I see downside limited on the USO to about $45 +/- $1.00 for this month. If we are making an intermediate bottom, the upper range would be $51.50 to $52.50. This can go on for a few months. I am lowering my target on the USO to $62 for now.
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