Elliott Wave Analysis On GBPUSD And GOLD
GBPUSD
On GBPUSD price has turned sharply up which looks more like an impulse rather than correction. That said, we are looking higher now, but we need to be aware of pullbacks. Based on latest substructure we see price making an extended black wave 3 that can slow down at 1.4450-1.4500 from where we will look for corrective set-back in wave 4.
GBPUSD, 1H
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GOLD
Gold is becoming very interesting following yesterday bounce above 1240 which now looks like a five wave reaction from 1208 following another leg up today to 1244. That said, trend is changing it seems so we will look for more upside after a three wave correction down in red wave 2). So for the short-term traders will have to be aware of a resistance near 1250.
GOLD, 1H
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