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

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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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