GOLD is moving very slow in tight range for the last two trading sessions so we think that price is trapped in wave iv corrective retracement which stall can reach 1250 -1255 zone before downtrend resumes. Any intraday shorts should have stops placed around 1265 or higher.
Crude Oil remains bullish on the intraday basis within wave (c) that may reach levels around 96 maybe even $97 before a contra-trend (a)-(b)-(c) move can be finished. Keep in mind that larger trend is still down, so dont be surprised by a bearish reversal from the levels mentioned above, probably next week.
Crude Oil (Jan 2014) 1h
Written by www.ew-forecast.com