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Elliott Wave Analysis: GOLD and EURAUD

GOLD is trading higher, but rise from recent low of wave A) is in three wave so ideally metal is in late stages of B) now which may stop at current 1280-1282 zone. A drop back below 1270 would be a strong indication that wave C) is underway.

GOLD, 1H

Gold 1-Hour Chart

EURAUD is at the lows, so it appears that correction is still not here as current leg down represents wave 5 of A) after recent triangle formation in wave four. As such, we may have to wait a little bit longer before market makes a new tradable decline lower into C) wave. That said, we are waiting on that three wave rise up into wave B) before we may look for bearish ideas.

EURAUD, 1H

EUR/AUD 1-Hour Chart

 


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Also, check our latest video analysis on GBPUSD, EURUSD and USD Index. Click here https://www.youtube.com/watch?v=wRZgeCOo03E&feature=youtu.be

 

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