Elliott Wave Analysis: GOLD And USDCAD 

usdcad-elliott-wave

Gregor - Author BIO photoElliott Wave Analysis: GOLD And USDCAD

GOLD
On the intraday chart of GOLD we are observing a part of a higher degree impulsive wave taking place, that seems to be as of recent intraday activity acomplished. The reason we think this higher degree impulse could be completed is a five wave structure within it, with blue wave 5-circled being the final wave. If that is the case then recent bullish intraday activity is the start of a probable three wave rise into waves A,B and later C.

The whole correction that may unfold in the coming weeks, may find some resistance and a turning point lower around the area of the previous wave 4, near the 1231 level.

GOLD, 1H

gold-elliott-wave

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USDCAD
Regarding the intraday view of USDCAD, we see this pair trading in final stages of a higher degree ending diagonal, that could find a top and a reversal zone around the 1.3600 region. But firstly we need three more waves to unfold within black wave C of 5), before this reversal lower may take place. As we see on the chart, currently we think price could be trading in final stages of the second sub-wave ii, that could in the next few sessions point towards more gains.
Invalidation level is at 1.3378- as long as price keeps trading above this level we are looking bullish.

USDCAD, 1H

usdcad-elliott-wave

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By Gregor Horvat

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