Watch for bearish crossovers to occur on the MACD and PMO -- along with a lower low on the RSI -- to signal further weakness on oil. Otherwise, we may see an attempt by buyers to step in soon.
If we see a such a rally, particularly if oil breaks above its major resistance level of 45.00, then we'll see whether any serious buying continues in gold and platinum and, if so, whether it is sustainable...especially if oil breaks and holds above 50.00.
