• 19 hours Why The World's Central Banks Aren't Yet Sold On Renewables
  • 1 day How Much More Cash Can Uber Burn?
  • 2 days Inside The Biggest Counterfeit Gold Scandal In Recent History
  • 2 days EU-U.S. Trade Relations Are Deteriorating
  • 2 days Over 184 Companies Have Bailed On Facebook
  • 3 days BP Sells Petrochemical Business For $5 Billion
  • 3 days U.S. Moves To Secure Domestic Rare Earth Supply
  • 3 days E-Commerce Explodes As Boomers Go Digital
  • 4 days Major U.S. Cities Are Turning To Renewables
  • 4 days Economic Reopening Backfires, COVID Surge Snaps Recovery
  • 5 days How Are Low Car Sales Impacting The Metals Market?
  • 5 days Are Gold Stocks Still Undervalued?
  • 6 days Singapore's $3 Billion Oil Trading Scandal
  • 7 days Luxury Clothing Isn’t A Priority As Americans Grapple With COVID-19
  • 7 days Natural Gas Demand Hits 25-Year Low
  • 8 days Gold Inches Towards $1,800 As Investors Pile Into ETFs
  • 8 days The War On Gold Has Begun
  • 8 days Immigration Attack Will Ruin America’s Tech Dominance
  • 9 days Saudi Arabia Builds $4 Billion Tourism Fund
  • 9 days U.S. Banks Have Seen $2 Trillion In Deposits Since January
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

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…

Contact Author

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: Crude Oil And Gold

Crude Oil

Crude Oil bounced sharply at the end of October but only with three waves that made a reversal down last week from around trend line resistance and 61.8% Fibonacci level. That was ideal zone for a bearish continuation that seems to be in full progress now after a break beneath 45.90 bearish level. As such, wave (ii) appears completed which means that 42.64 low should be retested; ideally it will be broken out that will make room for a move down to $39.

Crude Oil, 4H

Crude Oil 4-Hour Elliott Wave Chart


Gold

Gold keeps trading lower with very aggressive and sharp decline since price broke through the lower side of a trading channel near 1158. This typically occurs in wave three of an impulsive price action so it looks like that metals are headed back to the lows of 2015. In fact, leg from 1183 is extended so it should be made by five subwaves with wave 3 that appears in full progress after another strong decline on Friday. As such, expect more weakness after any corrective bounce. Ideally wave (iv) retracement is now underway back to around 1100 from where weakness may resume this week.

GOLD, 4H

Gold 4-Hour Elliott Wave Chart

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment