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Gold and Crude Oil Short-term Outlook

Commodities / Crude Oil Feb 23, 2014 - 03:56 PM GMT

By: Gregor_Horvat

Commodities

Gold has moved well above 1300 mark, and is forming an extended leg from 1251, triangle low. Notice that we have adjusted the wave count, but we see a corrective advance from 1181 now at 1330 resistance. We are observing more simple count now this time; a zigzag with a triangle placed in wave (b). We also know that wave (b) pattern CANNOT be labeled as wave two, because triangles never occur in wave two position. So, because of that situation we are even more confident that rally is a contra-trend and that gains will be limited. A decline beneath 1290 area could be an important sign for a confirmed top.


Gold 4 Hour Analysis

Crude Oil extended gains above 102 in the past 24 hours, which makes the move from 96.75 an extended one. We still see that leg as wave (v), final leg in wave A that should send price down in wave B in the next few sessions and days. An impulsive drop back to $100 would suggests that wave B in already progress.

Oil 4 Hour Analysis

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2014 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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