Following last Friday's strong drop, [gold] is forming a flag this week with downside resolution anticipated. Daily trendline support is at $597 Feb, though pivot supports at $605.50 would first have to give way. Trend Intensity has latched on to a steady bearish trend signal in this market that commenced Friday from excellent levels and should uptick bearishly again today. Larger downside targets for gold are a shade below $575. Monthly trend models were working on a bullish setup before the break, and can still pull it out with a Jan close above $625. As before, 200-day moving averages at $616 are an upside barrier now.
The latest weakness in [oil] is setting Trend Intensity up for its fifth consecutive double uptick, a phenomenon not recently seen given that bear market runs of this extent have been a rarity in the energy markets. The parabolic drop is feeding on itself, and having hit new recent lows, Elliott wave targets on nearest futures target the $50.00-52.50 zone as closest major support. 200-week moving averages are just above there at $52.60. On monthly charts, major support at $54.50 has been broken intraday. Any short-term lift today should stumble near $55.00 Feb.
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