3 Charts on Gold and Oil

Let’s look at some weekly charts in gold and oil. First, one of my favorite gold miners, Goldcorp (GG: 39.80 -0.26 -0.65%).

Not only is it channeling higher, but it has closed convincingly above recent overhead resistance.  RSI, a momentum oscillator on the bottom of the chart, has plenty of room to run before the stock becomes overbought.  I think a near-term target is 54.

Now, let’s look at the StreetTracks Gold Trust (GLD: 109.59 -0.81 -0.73%), one of the easiest ways to track gold. 

Near-term overhead resistance is at 105. If it breaks through that, we could be on our way to 130.  However, we could also see GLD churn for a while, as it builds a base after breaking out.

Now, the United States Oil Fund (USO: 40.23 +0.44 +1.11%) …

Like crude oil, which it tracks, USO has broken out to the upside.  We could move to 60.25 faster than most people think.

These are just charts I’m looking at — not recommendations.  My recommendations are in Red-Hot Commodity ETFs and Red-Hot Global Small-Caps.  Do your own due diligence, and be careful.

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