DAX is also turning bearish which means more weakness after current bounce that can be an early stage of a wave E rally. There is a nice gap at 11480 area that can be filled before sellers comes in, when they may try to send index back to November lows as fourth triangle wave would come to an end.
German DAX, 1h
If risk-off is really going to continue then gold may stay in uptrend which makes sense after that extended third wave up, so current set-back is seen as wave four that is already trading at support zone. Ideally new highs will be seen in next 24-48 trading hours with a rise towards 1245/1250 area.
Gold, 1h
