Price of oil in terms of gold in the long-term buy zone

I think it might be instructive to take a look at the real price of oil by getting the inflationary effects of paper money out of the picture.

Sadly, tradingview has no data from before 1984, but a cursory look at the chart shows that oil is already at its lowest level since 1988.

Personally, I'm betting on some kind of reversion to mean.

Daily view:

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We got a bounce. But there is plenty of resistance to overcome

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There is an epic battle underway here

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