Crude oil is trading higher as expected, now near $50 per barrel and with no overlaps from 45.83 so we are quite confident that new bullish trend is underway. We are tracking a five wave rise with more gains to come in the short-term as we see current minor set-back to 49.10 as wave four within extended wave 3 that can extend up to 51.00 soon.
Gold did not move much this week; price is overlapping in tight range so we see a triangle in action. It is a five wave contracting pattern placed in wave B) that suggests more downside after wave E is finished. That said, metal may decline to 1280-1290 area within wave C) before whole contra-trend cycle from 1358 is finished. Keep in mind that big trend on gold is up from the last few months, so current downward moves are only temporary structures.