FX Account Update June 27, 2011

Not a whole lot of excitement here for US Oil and US Gold as far as profit taking. Both are consolidating at 76 %  and 38% below their recent highs respectively. The lower gas price at the pump is more welcome than profit takings on the Forex.

With the Administration pulling 30M barrels of oil from the reserves, the price of oil could still go down some before it goes back up this summer.

Gold retraced itself back very close to the recent high but got beaten back down. I am assuming that it will rise back up quicker than US Oil or US Silver past its all time high of $1576 an ounce. US Silver is consolidating at 61-66 % below its recent highs.

Click here to see Daily Charts of US Gold and US Oil and the Recent Correction

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Joe Joson

USA