Crude oil is unfolding a clear, five-wave recovery from June lows which are characteristic of an impulse. We specifically see price at the end of wave 3) which is already showing signs of a completion at 75.23 level, from where a new intra-day drop followed yesterday. This dip to 72.60 can be wave A as part of a bigger correction within an uptrend, that can look for support and a turn higher around the Fibonacci ratio of 38.2.
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Crude oil, 4h
Gold is turning sharply higher now breaking above the trend line of an Elliott wave channel, which suggest that a five-wave drop from 1310 can be ending. However, a bullish turn that we are seeing right now may not be start of a new bullish cycle, but rather just an a-b-c rally for wave four which may look for resistance somewhere around 1270.