A Pivotal Week For Gold And Crude

GOLD

30 min

4 Hours

Daily

My Bias: Long to a new all-time high above 1827.

Wave Structure: Impulse structure to a new high.
Long-term wave count: wave (3) above 1666.

Gold has given us a glimmer of hope today, with a sharp rise after completing a possible five wave pattern in wave 'c' of (c). The rise has so far traced out three waves, so I proceed with caution here. The alternate wave count is still very much a probability.

If the price breaks above the resistance band at 1263 - 1269. Then we will be in line for a new bullish trend rise in either wave [iii] green or '3' red,

For tomorrow; Watch for 1245.16 to hold and a clear five waves up to be completed. We are on the verge of a bullish Elliott wave signal here, so this week may prove pivotal for gold.

U.S CRUDE OIL

30 min

4 Hours

Daily

My Bias: topping in a large correction wave [4].

Wave Structure: Double combination higher in wave [4] red.
Long-term wave count: wave [4] target $63 - $70

Wave (ii) grey extended into a larger structure as suggested last night. It seems to have taken the form of a zigzag correction lower. In order for this interpretation to remain valid, the low at 55.84 must hold.

The current wave count calls for another rally in wave (iii) or [iii] with the upside potential target set at 63.00 initially.

For tomorrow; Watch for an impulsive spike to a higher low to begin wave (iii).