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GOLD And OIL Intraday Elliott Wave Analysis

GOLD rallied impulsively from 1226 up to 1258 followed by a three wave fall to 1234 in the last few days which we think it's a corrective move, labeled as wave b). With that said, we expect a new push higher, up in wave c) back above 1258.

GOLD 1h Elliott Wave

Gold 1-Hour Elliott Wave Chart

A strong leg down on Crude Oil yesterday with a daily close around 92 figure suggests that prices are in the middle of a new impulsive weakness, so we favour more downside. On the hourly chart we see some slow upward price action with appears to be minor red wave iv) that may stop at 92.45/92.70 mark and then send price down again, in wave v) of (iii). Any intraday shorts taken in that region should have stops placed around 93.50

Crude Oil 1h Elliott Wave

Crude Oil 1-Hour Elliott Wave Chart

 


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