Try this with gold and oil
Here is a quick video explaining how to hedge oil with gold. Considering the clearly inverse correlation between gold and oil (-0.70 over 20-day basis), if you buy both gold and oil, or sell both within a predefined ranges, it could work out well. Watch.
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Gold is back retesting that $4670/80 level, representing the 38% fibonacci retracement, covered in that Fibonacci video 3 weeks ago. This time, however, the level, becomes a resistance rather than support. Note how silver is also facing a key 38% retracement level around 84.00. It is common to see silver falling behind gold, or gold leading silver. If more optimism emerges and metals push higher alongside further USD weakness, then silver's path above 80 will imply a decline in the gold/silver ratio. Watch whether gold closes the NY session above $4680/90, in which case silver will need to confirm with a break above 80 in Thursday Asia or Thursday Europe session. For those trading gold, 4720 follows as the immediate resistance, a break oif which paves the way for 4770.
Read More...The importance of $87000 in Bitcoin recoveries and the High-to-Low cycle characteristics of Bitcoin. Watch here.
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