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Elliott Wave Analysis On Gold And Brent Oil

Gold

Gold made five waves up, and maybe now finally to make a short-term retracement with three subwaves down to around 1245-1250 area which seems to be ideal zone for a new bounce that can happen already tomorrow. Invalidation level is at 1225; as long this one holds we will be looking higher.

GOLD, 1H

Gold 1-Hour Chart


Brent Oil

Brent oil took out the upper line of a downward corrective channel which means that contra-trend move is completed. In fact current rise from 38.38 is impulsive so we expect more gains ahead, definitely above 41.50 and then even to 42-43 area while dollar is under pressure.

Brent OIL, 1H

Brent Crude 1-Hour Chart

 


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