Elliott Wave Outlook For GOLD and Crude OIL

By: Gregor Horvat | Fri, Aug 22, 2014
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GOLD is falling, now beneath 1279 July low so looks like market is making a new impulse down from around 1322 that can either be wave c) or wave iii) in both cases we see room for a decline to 1255/1260 in the near future. From a bigger point of view we still see chances for a corrective decline from 1345 bullish price action may follow by the end of August, but we need a recovery back above 1302 if not 1319 to confirm a return back to July high.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart

Crude oil extended its weakness to 93.00 recently. As such, a decline from 97.73 is most likely wave (iii) because of a five wave decline. After every impulse, you will see a corrective reaction so we think that current rally from 92.58 low is a corrective and temporary recovery, probably wave (iv) that will stop around 93.60-95.00 zone.

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

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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