Gold is turning up in five-waves for a bigger wave C that is part of a bigger corrective wave E). We specifically see sub-wave v of C in play, up from 1211 level, which can extend its rally towards the 1250 region in upcoming sessions. There some resistance, and a bearish reversal can follow.
GOLD, 4h
On the chart below, we see AUDUSD and GOLD in postive correlation, which speaks for a continuation higher on both Gold and AUDUSD. Our members know that we are bullish on AUDUSD and that we are also looking higher into a three-wave recovery. Ideally a new continuation will follow on AUDUSD, which can take price towards the 0.7314 level this week.
Gold and AUDUSD, 1h
