Gold bounced from the lows few days back, but not for long as we were anticipating only a corrective four wave, that now already appears to be finished as price is back at 1208 area. Therefore we expect further weakness now, down to 1200 and even 1990 where wave v) could complete wave (iii) of a higher degree.
GOLD Elliott Wave Analysis
Because of a higher prices on crude oil last week, after completed ending diagonal placed in wave (v), we suspect that market is forming a corrective price action of a higher degree. We are tracking wave 2 that can be incomplete and maybe even irregular if wave (b) would exceed the start point of wave (a). However, based on latest price action we assume that market will continue up in wave (c), back to 96.00 area.
OIL Elliott Wave Analysis