Elliott Wave Outlook For GOLD and Crude OIL

By: Gregor Horvat | Fri, Aug 22, 2014
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GOLD is falling, now beneath 1279 July low so looks like market is making a new impulse down from around 1322 that can either be wave c) or wave iii) in both cases we see room for a decline to 1255/1260 in the near future. From a bigger point of view we still see chances for a corrective decline from 1345 bullish price action may follow by the end of August, but we need a recovery back above 1302 if not 1319 to confirm a return back to July high.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart

Crude oil extended its weakness to 93.00 recently. As such, a decline from 97.73 is most likely wave (iii) because of a five wave decline. After every impulse, you will see a corrective reaction so we think that current rally from 92.58 low is a corrective and temporary recovery, probably wave (iv) that will stop around 93.60-95.00 zone.

OIL 4h Elliott Wave Analysis

OIL 4-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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