XOP / GDX is not oversold yet, but...

The crash in oil is dictated by fundamentals - demand in freefall and production forecast off the charts due to price war.

Gold has not been acting as a hedge pretty much against anything, given it is actually sold as a source of liquidation funds.

Short oil and long gold seems a trend to continue in the short term from a pure technical standpoint.

Contrary theses and conditions for a bounce in the next few months:

1) Gold crashes after the impact of Coronavirus abides

2) Oil jumps because of end of price war