Gold broke to the downside last week, out of triangle pattern that was placed in wave (b) so current leg down should be wave (c) as part of D of a big triangle from a daily chart. We know that wave (c) is impulsive wave so we need to be aware of a bullish reversal after a five wave drop from wave e) swing high. In the last few sessions market slowed down around 1240-1245 so it's probably wave iv)so decline could extend down to 1230 by the end of the week.
Gold 4-hour Elliott Wave Analysis
Crude oil turned bearish last week, away from 104.00-104.50 resistance where we were looking for a wave (d) high. Notice that market turned nicely down, through the support channel line that confirms the bearish view for a three wave drop into wave (e) back to 100-101 area. Once those levels will be seen, we will turn bullish as big triangle since March could then be near completion.
Oil 4-hour Elliott Wave Analysis