Decline on gold from 1220 is in five waves, so leg is part of a larger three wave retracement that will resume after three wave rally up in wave b. We see technical resistance coming in at 1200-1206.
GOLD 1h Elliott Wave Analysis
Crude oil is trading down from 52.46 that we see it as a five wave move, part of a minimum three legs down to around 44/45. But before we get a third leg down we expect a short-term rise up into wave (b) that may start unfolding soon as current wave (a) seems to be near completion with its fifth wave.
CRUDE OIL (May 2015) 1h Elliott Wave Analysis