GOLD and WTI Crude OIL Intraday: Elliott Wave Analysis
Gold is slightly lower from this morning, but not much. We see limited downside as pullback seems to be only short-lived. We are talking about red wave iv) that can re-test 1200/1205 support region. So ideally uptrend will resume in sessions ahead.
GOLD 1h Elliott Wave Analysis
WTI Crude Oil is now trading above the fast downward channel that represents wave iii, so seems like this leg down is finished. However, current bounce can be short-term, as we are looking at wave iv that has a nice resistance coming in around 50 level; at upper channel and 38.2% Fib. retracement zone.
Crude Oil (Feb 2015) 1h Elliott Wave Analysis