GOLD and EURGBP Intra-day look – Elliott wave analysis
Gold is in an uptrend, now unfolding a final five-wave move within a wave 5, which can face a top in the near future. Wave 5 is also an impulse, so it has to be structured by five legs, and two of those legs are corrective; waves 2 and 4. In our case we see an already completed wave 2), so the next corrective wave can be wave 4), which can start forming around current highs. Ideally wave 3) will find resistance at the 1690/1695 region, from where a corrective wave will show up, and later take price towards the 1660/1636 possible support region.
EURGBP made a bounce from projected support for wave a 4, which means that price could now be on the way back towards the highs for a wave 5 targeting 0.88 area.
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