Gold And Oil Both May Face Resistance - Elliott Wave Analysis

By: Gregor Horvat | Tue, Feb 11, 2014
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Gold is at the new highs already after breaking out of a triangle yesterday. We believe that price is now in wave (c) of a second zigzag that may form a top in 1290-1300 area. Keep in mind that despite higher highs and higher lows we think that move from 1181 is corrective, thus temporary move so we need to be aware of a bearish turning point in this week.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart

Crude oil is trading nicely since Friday, now above $100 per barrel that has been expected after a triangle formation placed in wave (iv). We are tracking wave (v) now, final leg in wave A that may complete a five wave move from the low around 100.70/101.00 figure. That said, be aware of a corrective retracement in this week down in wave B.

OIL 4h Elliott Wave Analysis

Oil 4-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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 Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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