GOLD 1h Elliott Wave Analysis
GOLD tested the lows an hour or two back but not for long. Price is once again trying to reverse from 1305/1312 Fibonacci support area where we think price will find a low and bounce up in three legs. An upward reaction through the upper trendline of a downward channel will confirm this outlook. We will turn bearish again after a three wave rally; a-b-c as shown on the chart.
Crude oil is moving down, most likely into a corrective price action as already noted yesterday when we presented the idea of a leading diagonal. A three wave set-back can retrace price back to 98.20-98.80 (50 or 61.8% retracement) area before we may look for a bounce again.
Crude Oil 1h Elliott Wave Analysis