Wed, Oct 05, 2022 @ 15:27 GMT
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Elliott Wave Analysis: Gold and USD Index

Metals are coming down as US yields rally and causing some support for the USD. We see gold coming back below 1844 after it stopped at the upper side of a range last week so it appears that this is a sideways consolidation, possibly a flat in wave B. In flats, you will see that the pair can find some support near wave A level, which in our case comes in around 1828. Ideally, we will see a new bounce from that area this week when DXY may turn down again.

On DXY we see five waves down and three waves up, so resistance may not be far away.

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