Gold And Oil Both May Face Resistance - Elliott Wave Analysis
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
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