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Next Leg On Gold And Wti Crude Oil Could Be To The Upside

ByCommodityOnline
Published 12/05/2014, 05:39 AM
Updated 05/14/2017, 06:45 AM

GOLD stayed above 1131 invalidation level on Monday when it fell to 1142, where metal found some strong buyers. Current bullish leg already exceeded highs from mid-November, which means that we can expect more upside, especially if we consider that prices closed at the highs on Monday so bullish momentum is in play. Therefore, be aware of more gains but after a three wave set-back in wave (ii). Ideally we will see some retracement to 1180 area before next leg up begins, maybe even wave three.

GOLD Elliott Wave Analysis



WTI Crude oil fell sharply lower last week, making fifth wave an extended from above $77. Now the question is if current fifth wave did already bottom at latest low or is there room for another but final decline towards $62. Well, we see very sharp rally, but similar rallies already proved corrective in the past, when market has been in a strong downtrend like in our case. In fact, bounce already slowed down at former wave four so seems like price is now at "do or die" level. However, looking for a new short trade for a final leg could be risky at this stage, so we are in wait and see mode, as we suspect that sooner or later WTI will start a larger corrective rally. Check daily chart for more details.

OIL 4h Elliott Wave Analysis


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