Oil crossed through the $60 support today and ended at $58.60. COP, VLO, XOM are all down big today. Gold got hit bad and is at $580 today and will decline to $500 if it breaks the support at around $560. But seriously, anyone think oil can go back and stay at $2 per gallon for sometime? Most oil analysts are bullish that this short term trend will correct as they think global economy will not be pulled down by US economy and China/India will provide the demand for oil. I think in short term, China/India will be affected by the US slowdown (the whole world will be affected) and so oil wil go down and will pull gold down with it. A trader on bloomberg said today that people are tried of listening to the doom and gloom “what if” scenarios that had supported oil & gold to reach $80 per barrel and $725 an ounce.