Crude OIL
The bounce on crude oil from 53.36 appears to be a strong move with five subwaves. As such, we think it’s an impulse which can send oil prices much higher in the sessions ahead. This can be seen after a three wave retracement now back to 53.90/54.00 area from where a new leg up may show up; maybe even a third wave, while 53.36 level should stay in place.
Crude OIL, 1H
GOLD
We have seen a very nice breakout on gold yesterday, above 1244, as already at the start of this week when we identified a three wave decline to 1226. So far there is a nice bullish structure from Feb 22 low, which looks like an extended structure so ideally it’s red wave iii) of a five wave move that can continue to 1258-1260 in the next few sessions. In the mean-time we need to be aware of a fourth wave retracement, back to 1247 where a new bounce may occur, while invalidation level at 1240 should stay untouched.
GOLD, 1H
