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GOLD and Crude OIL Intraday: Elliott Wave Analysis

Gold is going higher following our 4 hour chart count to complete a wave C in ending diagonal pattern larger degree. We would like to see this metal to go through 1.213 price point which will confirm that current path is further up. If we measure A from last lows and project it to measure wave C, target for this move should be between 1.245-1.250 levels.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

OIL almost at do or die levels. We have reached 1.618 levels measured A to C wave. Invalidation levels are near. We should see a strong fall from this levels to be able to confirm possible top in this commodity. Oil Inventories are today during US trading hour and should have impact on the price movement.

OIL 1h Elliott Wave Analysis

OIL 1-Hour Elliott Wave Analysis Chart

 


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