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Elliott Waves on GOLD and German DAX

Gold

Gold is surprisingly higher after good NFP figures, with current price trading above 1074 swing high, which is the first broken swing high in a while. Notice that market might have also accomplished an ending diagonal in fifth wave so it can be very interesting price action for bullish waves ahead as low can be forming on gold. Well, it can be only temporary bottom but in either case we need minimum three waves up. A daily close above 1074 will indicate higher prices next week.

GOLD, 1H

Gold 1-Hour Elliott Wave Chart


German DAX

German DAX fell to a new low but downside seems to be limited around 10600 so we still think that price is in late stages of wave (A) down. We believe that market will rally with three waves next week, possibly back to 11000 from where we would expect a continuation lower.

German DAX, 1H

German DAX 1-Hour Elliott Wave Chart

 


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