Elliott Wave Analysis On AUDUSD And GOLD 

GOLD daily analysis

Gregor - Author BIO photoAUDUSD
As we see on the intraday chart of AUDUSD, we see that the observed structure is still pointing lower from current levels, as pair still has one more wave missing, black wave 5. As such we believe that more downside may follow, after the current correction in wave 4 fully unfolds. Sub-waves a, b and now c are already visible so more weakness could be around the corner. The target for wave 5 will then be near the 0.740 mark, where some support can be found.

AUDUSD, 1H

AUDUSD  daily analysis

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GOLD
GOLD is falling for the last few trading days and we are still treating this move to the downside as a corrective one. We are observing current levels closely because of the expected USD move to the upside since this two are in inverse correlation. That said this higher degree double zig-zag could still go lower, as wave C) may not be fully developed. A possible turning point may be around the 1298-1311 area.

GOLD, 1H

GOLD daily analysis

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By Gregor Horvat


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