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GOLD and EURUSD Intraday

Gold fell to a new low but found a support near 1170 where metal might have accomplished a five wave decline in wave i, However, this can be confirmed only if price will rally out of a downward channel. At the same time we are also look at second count, which also suggests that correction is coming, but of a fourth wave where rally may not higher than 1180. In both cases any bounce will be corrective and only short-term; major trend seems down.

Elliott Wave Analysis - GOLD 1h

Gold 1-Hour Chart

EURUSD can be headed to a new low soon as minor rally looks corrective. Ideally it was wave (b) as part of a second zigzag, so pair can be headed down to around 1.1050 area to complete wave D) within a big triangle.

Elliott Wave Analysis - EURUSD 1h

EURUSD 1-Hour Chart

 


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