Gold (COMEX:GCQ14) turned bearish last week, it fell back to 1309 after the NFP report. Price retraced deeply into the area of a former wave (iv) so we believe that a five wave rally in wave (a) is completed and that market is retracing in wave (b) that can reach even 1300 level and a trendline connected from 1240 before we may look for a reversal up into wave (c).
Gold 4h Elliott Wave Analysis
Crude oil (NYMEX:CLN14) was trading lower last week. More importantly it finished the week at the lows, so looks like bearish momentum is for real here--which means that price could continue even lower in this week. With that in mind, we are now observing a bearish impulse in progress on the intraday charts, especially as bigger corrective rally on a daily chart can be finished at latest highs. If we are on the right track, then market is now heading down within wave (iii) that has a target at 102.30/103.00.
Oil 4h Elliott Wave Analysis