gold-elliott-wave

GOLD Elliott Wave Analysis: Faces Resistance Around 1330

Gold broke above 1300 mark, making an extended leg from 1251, triangle low. Notice that we have adjusted the wave count but actually massage is the same; we see a corrective advance from 1181 now testing 1330 resistance. We are observing more simple count now, 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

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wti4

Technical forecast for WTI Crude

WTI Crude bounced off 103.65/50 as predicted & beat 104.50 for a selling opportunity at 105.10/20 with stops above 105.40. We did trade at 105.43 but if stops

nat_gas4

Technical forecast for Natural Gas

Natural Gas beat 3.500 to fill the gap at 3.548/556 for a selling opportunity. We over ran slightly to 3.562 but have eased & could continue lower to

gasoil3

Technical forecast for Gasoil

Gasoil September continues sideways. Look for support at 932.50 but a break below Tuesday’s low of 929.25 should then target 925/924.50 for a short term buying opportunity. Be

rbob3

Technical forecast for RBOB

RBOB Gasoline unexpectedly broke 295/296 but has halted below 299/300 & the next selling opportunity. We are getting overbought short term so there is a risk of a

brent4

Technical forecast for Brent Crude

Brent Crude held support at 109.35/30 & is just sitting above 110.10/20 which should allow a test of 110.60/70 possibly as far as 111.00 highs for a selling

gold4

Technical forecast for Spot Gold

Spot Gold beat 1374/77 but has so far failed just below this week’s high at 1384. As stated yesterday this offers a selling opportunity with stops above 1386.

rbob2

Technical forecast for RBOB

RBOB Gasoline made it back to 295/296 for a selling opportunity & topped exactly here. This trade worked perfectly & with the outlook turning more negative we could

brent3

Technical forecast for Brent Crude

Brent Crude held resistance at 110.10/20 & support at 109.35/30. The outlook is quite negative so we could continue lower today for support at 108.65/60. A bounce from

nat_gas3

Technical forecast for Natural Gas

Natural Gas unable to beat 3.500 for the third day. We are getting overbought so we should struggle here again today but stops on shorts above 3.520 needed.