EU GBP Gold and Oil Forecast 21 May 2013
Oil made a nice pull-back from 85.60 in the past few days, which we still think it represents part of a black wave 4. Notice that oil moved slightly above wave (a) swing high before price turned bearish in the last two hours. Thats very typical formation in expanded flats, so we like idea of a completed black wave 4 and wave 5 headed beneath 85. However, we need more aggressive sell-off and daily close below 87.45 to confirm the bearish view for this market.
Added by Gregor Horvat on April 22, 2013 at 2:18pm — No Comments
I ran across this today and thought it was interesting. The World Bank is forecasting a softening in both gold and oil prices over the next ten years. If gold does decline it "might" mean a stronger dollar. The negative correlation between the two doesn't always hold true but it's something to consider when looking at the bigger picture.
So what might drive gold lower? The first guess would be inflation and an increase in interest rates. Rates here in the US have been low for a…Continue
Crude was not able to surpass $98.30.
Almost 2 weeks ago, (Feb. 13th update) I´ve apporached crude with an important upward bias.
Although somewhat overextended (again, algos have provided sell signals in shorter term intervals) and working with the idea of crude establishing new highs. First target is $98.30 (early Feb. highs), fowllowed by a much broader a complex…
Added by Demian Pack on February 25, 2013 at 4:49am — No Comments
Oil firstly extended lower at the end of the past week in wave C as highlighted in our past updates. Well, we anticipated a five wave decline from 98.00 but because of an overlap with 96.57 market actually completed a three waves (a)-(b)-(c) down to 95.11. This is a structure of a corrective movement so we think that whole price action from Jan 30 is actually an incomplete triangle in wave 4), especially if we consider that market did not move through previous wave A swing level. If we are…Continue
Added by Gregor Horvat on February 20, 2013 at 2:30pm — No Comments
Oil fell down to $95 this week before turned bullish again. However, we think that latest bullish reversal is only temporary, as we are tracking an incomplete corrective decline in wave 4) that should be structured by three legs. We labeled a leading diagonal in wave A followed by a current wave B bounce towards 97.30/50 from where price could turn bearish for wave C. …Continue
Added by Gregor Horvat on February 8, 2013 at 9:00am — No Comments
Little time for written update -which will come later.
In the meantime, a picture speaks a thousand words.
Longer Term (Perspective)
Added by Demian Pack on December 18, 2012 at 8:42pm — No Comments
EURUSD is flirting on weekly trendline with strong bearish pin bar on daily chart. However, Euro futures still has bullish optimism left. Volume & open interests are still high, but MFI indicates over bought. QE-3 is from Fed is still in the game along with unlimited bond buying from ECB. But crossing…Continue
Added by A. Davè on September 19, 2012 at 10:00pm — No Comments
Crude oil demand has declined over 11% since March 2012, price falling from 111.39 down to 80.88. Lower energy demand from the biggest Oil consumer United States and higher technology demand in the market said to be the reason for this slump.Continue
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