For 17 months now WTI Crude Oil has been rangebound between $40 and $55. Its now significant that we are again approaching the crucial $54/55 mark, a 2 year high, where we could see significant supply emerge. However, expect significant upside of $62-70 if we do manage to overcome this potential supply flood.
Legendary trader Andy Hall's final contrarian prediction will also be fulfilled if we can break the crucial $55 mark.
Gold to WTI Crude ratio has significant demand at the 20-22 region. A conclusive breakdown of 20 can take this ratio first to 15 and then to as low as 12.
