Elliott Wave Analysis: GOLD and Crude OIL 

intraday oil

Gregor - Author BIO photoElliott Wave Analysis: GOLD and Crude OIL

Gold got a nice bounce since USD turned slightly lower in the last few sessions, so metal could benefit as correction on USD index is unfolding. We see gold headed back to the high at 1244 after a three wave decline down to 1214 from where market saw a strong bounce above the upper channel line. as such, we assume that bulls can get even stronger in sessions ahead. In the mean-time be aware of intraday set-back to that trendline that can turn into a support.

GOLD, 1H

intraday-gold

Crude oil remains slow above 53.00 mark so we suspect that energy is still trapped in wave b correction as part of a three-wave retracement down from 54.50 that can stop at 52.80-53.00 zone. Invalidation level remains at 51.83; as long this one holds trend is up.

Crude OIL, 1H

intraday oil

 

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By Gregor Horvat

 

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