Yellow and black gold trends

GOLD, the backing for hard currency, has fallen on difficult times, threatened by crypto currencies and US President Joe Biden's "America is back" message. The retreat from highs near US$2,089 to lows around US$1,690 gave gold bugs a 19 per cent jolt.

Liquid or black gold provided a better return for bullish traders. After a stumble in March, oil continued its long-term rise from a low of US$40 to current levels, around US$65, giving a comfortable 62 per cent return.

The comfortable trend of complacency that has grown around these commodities is changing. The price behaviour suggests an increasing potential for trend change for both. That is a trend change, not a continuation of the current trend.