Gold and EURAUD Update

Intermediate

Gold is trading within final stages of a blue wave v in a bearish impulse. Specifically, we see price approaching some interesting support levels near 1304/1300 zone, from where a new trend reversal may show up, in three waves. There Fibonacci support of 61.8, 200 and 261.8 can react as support zones and push price higher.

GOLD, 1H

Gold Chart

EURAUD has moved nicely to the upside in the last 24 hours, to 1.5800 from where we can see an intraday pullback; ideally it’s only a temporary minor correction that can stop at current triangle support line. We expect more upside as long as pair trades above 1.5624.

EURAUD, 1H

EURAUD Chart

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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