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US Dollar tumbled broadly and is now trading as the weakest major currency after US President Donald Trump talked down the exchange rate. The Dollar index reaches as low as 100.01 so far. It's still holding on to 100 handle mainly thanks to the relative weakness of Euro, who's trading as the second weakest one. But this 100 psychological level looks vulnerable. Commodity currencies are broadly higher. Canadian Dollar maintains post BoC gains. Aussie is lifted by strong employment data. Yen pares back some gains but remains the strongest one for the weak on falling treasury yields. US 10 year yield closed at 2.296 and is now close to last week's low at 2.271. In other markets, Gold is staying firm at 1287 at the time of writing. But it's starting to feel a bit heavy ahead of 1300 handle, as risk aversion eases. WTI crude oil also retreats mildly and is back at around 53.

Trump complained Dollar Strength. China not currency manipulator

In an interview with the Wall Street Journal, US President Donald Trump complained that US dollar "is getting too strong, and partially that's my fault because people have confidence in me. But that's hurting - that will hurt ultimately". He added that "it's very, very hard to compete when you have a strong dollar and other countries are devaluing their currency". Meanwhile, Trump also reversed his position and said that China is "not currency manipulators". And he hailed that Chinese President Xi Jinping "wants to help us with North Korea."

Trump undecided on Fed chair Yellen's second term

On interest rates, Trump affirmed his preference over a low-interest rate policy, noting that "as soon as [rates] go up, your stock market is going to go way down, most likely". During his election campaign, Trump had not reserved his criticism over Fed Chair Janet Yellen and indicated that he would replace her if he's got elected. However, he showed in the interview his "respect" for Yellen and suggested that he has not decided whether he would reappoint her for the second term.

Separately, Dallas Fed President Robert Kaplan said that the plan to shrink Fed's balance sheet won't prompt adjustment in the rate path. He echoed other Fed speakers and said that Fed will start balance sheet normalization "as soon as later this year". Meanwhile, three rate hikes in total in 2017 remains his "baseline" case. He also noted that "we are not at full employment but we are getting there". And Fed can "afford to be gradual and patient" on rate hikes.

Canadian Dollar boosted by upbeat BoC

BoC appeared more confident over the economic growth outlook, although it maintained the policy rate unchanged at 0.50% yesterday. The central bank upgraded the GDP growth forecast for this year amidst strong housing market activities in the first quarter, but revised lower the figure for 2018. The country's economy is expected to expand 2.6% this year, up from 2.1% in January's projection, before decelerating to 1.9% in 2018 (January: 2.1%) and 1.8% in 2019. BoC now expects the output gap to close in 1Q18. Meanwhile, BoC has revised down the "projection of potential growth, reflecting persistently weak investment".

BoC remained cautious, suggesting that "it is too early to conclude that the economy is on a sustainable growth path". The central bank revised the inflation forecast a tick higher to 1.9% and 2% in 2017 and 2018, respectively. Inflation would then further improve to 2.1% in 2019. On the monetary policy, Governor Stephen Poloz described the stance as "decidedly neutral" as the members weighed the improved economic developments against the uncertain trade policy. BoC's policy rate is expected to stay unchanged at 0.5% for the rest of the year.

More on BoC:

• BOC Upgraded Growth Outlook, Remains Cautious Over Trade Relations With US
• Bank of Canada Assumes a "Decidedly Neutral" Policy Stance
• Bank of Canada Interest Rate Announcement: Still Waiting for Sunny Stephen

Aussie boosted by strong job data

Australia Dollar is boosted by strong employment data today. Employment grew 60.9k in March, triple of expectation of 20.0k. Prior month's figure was revised up from -6.4k to 2.8k. Full time jobs rose by 74.5k, highest jump in nearly 30 years since December 1987. Part-time jobs dropped -13.6k. Participation rate also rose from 64.6% to 64.8%. Unemployment rate was unchanged at 5.9% as more people are back in the market. Also from Australia, consumer inflation expectation rose 4.1% in April.

Adding to the support to Aussie, RBA said in its semiannual Financial Stability Review that " vulnerabilities related to household debt and the housing market more generally have increased." And, "some riskier types of borrowing, such as interest-only lending, remain prevalent." RBA also expressed the concern that "investors are likely to contribute to the amplification of the cycles in borrowing and housing prices, generating additional risks to the future health of the economy." Today's job number certainly removed much burden on RBA for lowering interest rate again, with the background of worries on housing market bubble. Q1 CPI and GDP will be the next key pieces of data to watch.

Elsewhere...

Japan M2 rose 4.3% yoy in March. China trade surplus came in larger than expected at USD 23.9b, CNY 164b in March. German CPI final, Swiss PPI will be released in European session. Canada new housing price index, manufacturing shipments will be released in US session. US PPI, jobless claims and U of Michigan sentiment will also be featured.

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7487; (P) 0.7507; (R1) 0.7542; More...

AUD/USD rebounded strongly with firm break of 0.7531 minor resistance. That indicates fall from 0.7748 is completed at 0.7472, after failing to sustain below 0.7490 key support. Intraday bias is turned back to the upside for 0.7678 resistance. More importantly, the development argues that rise from 0.7158 may be resuming. Break of 0.7678 could now pave the way through 0.7748 and put key fibonacci level at 0.7849 in focus. On the downside, below 0.7530 minor support will turn bias neutral again.

In the bigger picture, we're still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8142) and above.

Economic Indicators Update

Key Points:

• Near-term bias remains bearish but a reversal should be on the way.
• Gartley pattern and falling wedge are the two key structures in play.
• Currently waiting for the 61.8% Fibonacci level to break.

In the wake of the Bank of Canada's Overnight Rate decision, it may be worth taking a closer look at the Loonie's technical forecast to get a feel for what could be on the way over the coming weeks. As we do this, it will likely become apparent that we could see some fairly sharp reversals as the pair continues to navigate its long-term consolidation phase whose end is not yet in sight.

First and foremost, let's look at what is on the cards for the near-term given that we have seen some heavy selling pressure over the past week. Of course, a large portion of this downside price action stems for the broader market's swing away from the USD following a rather torrid week of geopolitical and Trump-based headline risk. Nevertheless, this plunge lower also has broad support from the technical bias which is actuallyindicating that further losses could now be warranted.

In particular, the latest slip has now forced the EMA configuration into one of the more bearish positions. Notably, price action is below the 100 day moving average and the two shorter averages have now experienced a bearish crossover. Additionally, the MACD remains bearish alongside the Parabolic SAR readings. Most importantly, there is a loose Gartley pattern becoming apparent which could see the pair sink even lower as we move forward.

All this being said and done, there is still one final hurdle that the bears will need to overcome before we can be relatively certain that we do in fact have further losses on the way. Specifically, the 61.8% Fibonacci level remains intact which could hamper any efforts to mount that final push back to the downside constraint of the long-term falling wedge. Fortunately, with the exception of the stochastics being in oversold territory, there is little in the way of technical evidence to suggest that this level should hold which means losses are like to restart shortly.

Once the tumble has resumed, we expect the pair to sink to around the 1.3128 level before running into another impasse. Namely, the presence of the downside of the wedge should prove to be a robust support which would take a fundamental upset to be broken. However, the ending on the Gartley pattern will also be worth keeping in mind as this would typically suggest that an uptrend should be on the way in fairly short order. This upswing could extend as high as the 1.3386 mark but it will likely run into resistance around the 1.3234 handle as that Fibonacci level and the 100 day EMA provide a decent cap on upside action.

For the 24 hours to 23:00 GMT, the AUD rose 0.35% against the USD and closed at 0.7528.

LME Copper prices declined 1.1% or $61.0/MT to $5685.0/MT. Aluminium prices declined 0.03% or $0.5/MT to $1907.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7568, with the AUD trading 0.53% higher against the USD from yesterday’s close, after early morning data indicated that number of people employed in Australia increased more-than-expected by 60.9K in March, rising by the most since October 2015, thus offering signs of recovery in Australia’s labour market. Investors had envisaged for an advance of 20.0K, following a revised gain of 2.8K in the prior month.

Additionally, the nation’s seasonally adjusted unemployment rate remained steady at 5.9% in March, in line with market expectations. Moreover, the nation’s consumer inflation expectations rose to 4.1% in April, after recording a reading of 4.0% in the prior month.

Elsewhere, China, Australia’s largest trading partner, registered a more-than-expected trade surplus to a level of CNY164.34 billion in March, compared to market consensus for the nation to record a surplus of CNY75.80 billion and following a deficit of CNY60.36 billion in the previous month. Further, the nation’s exports jumped by 22.3% YoY in March, surpassing market expectations for an advance of 8.0%. In the prior month, exports had registered a gain of 4.2%. Also, imports advanced more-than-estimated by 26.3% in March, following a gain of 44.7% in the preceding month.

The pair is expected to find support at 0.7500, and a fall through could take it to the next support level of 0.7433. The pair is expected to find its first resistance at 0.7604, and a rise through could take it to the next resistance level of 0.7641.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the EUR rose 0.58% against the USD and closed at 1.0665.

In economic news, Germany's wholesale price index remained flat on a monthly basis in March, following a revised rise of 0.5% in the prior month.

The greenback tumbled against a basket of currencies, after the US President, Donald Trump, stated that the local currency was getting ‘too strong'.

On the macro front, the US budget deficit widened more-than-anticipated to a level of $176.2 billion in March, compared to market expectations for the nation to post a deficit of $169.0 billion and following a deficit of $108.0 billion in the preceding month. On the contrary, the nation's mortgage applications rebounded 1.5% in the week ended 07 April, compared to a fall of 1.6% in the previous month.

In other economic news, the nation's import price index recorded a drop of 0.2% YoY in March, meeting market expectations and following a revised gain of 0.4% in the prior month. Further, the nation's export price index surprisingly climbed 0.2% on a monthly basis in March. The index had climbed by 0.3% in the previous month, while markets anticipated for a flat reading.

In the Asian session, at GMT0300, the pair is trading at 1.0673, with the EUR trading 0.08% higher against the USD from yesterday's close.

The pair is expected to find support at 1.0614, and a fall through could take it to the next support level of 1.0556. The pair is expected to find its first resistance at 1.0704, and a rise through could take it to the next resistance level of 1.0736.

Going ahead, investors will focus on Germany's final consumer price index for March, slated to release in a few hours. Additionally, in the US, the flash Reuters/Michigan consumer confidence index for April, coupled with weekly jobless claims data, will be on investor's radar.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP rose 0.41% against the USD and closed at 1.2538, after UK's ILO unemployment rate remained steady at an eleven-year low level of 4.7% in the three months to February, in line with market expectations.

However, the nation's average earnings excluding bonus rose 2.2% YoY in the three months through February, rising at its weakest pace in seven months, indicating that consumer spending is unlikely to contribute to economic growth in the first quarter of 2017. The average earnings excluding bonus had recorded a revised gain of 2.4% in the November-January 2017 period, while markets expected for a rise of 2.1%.

In the Asian session, at GMT0300, the pair is trading at 1.2567, with the GBP trading 0.23% higher against the USD from yesterday's close.

Data released overnight indicated that the nation's RICS house price balance remained steady at a level of 22.0 in March, in line with market expectations.

The pair is expected to find support at 1.2505, and a fall through could take it to the next support level of 1.2442. The pair is expected to find its first resistance at 1.2602, and a rise through could take it to the next resistance level of 1.2636.

Moving ahead, the Bank of England's (BoE) credit conditions survey report, set to release in a few hours, will be eyed by market participants.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.57% against the JPY and closed at 109.05.

In the Asian session, at GMT0300, the pair is trading at 108.83, with the USD trading 0.2% lower against the JPY from yesterday’s close.

The pair is expected to find support at 108.40, and a fall through could take it to the next support level of 107.97. The pair is expected to find its first resistance at 109.56, and a rise through could take it to the next resistance level of 110.29.

Moving ahead, market participants will closely monitor Japan’s industrial production data for February, due to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.52% against the CHF and closed at 1.0022.

In the Asian session, at GMT0300, the pair is trading at 1.0010, with the USD trading 0.12% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9982, and a fall through could take it to the next support level of 0.9953. The pair is expected to find its first resistance at 1.0064, and a rise through could take it to the next resistance level of 1.0117.

Ahead in the day, traders would focus on Switzerland’s producer and import prices for March.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.62% against the CAD and closed at 1.3245.

Yesterday, the Bank of Canada (BoC) left the benchmark interest rate unchanged at 0.50%, as widely expected. Further, the BoC Governor, Stephen Poloz, stated that it is too early to conclude that the economy is on a “sustainable growth path” despite a recent rebound that led it to bump up its 2017 outlook.

However, the central bank disclosed that the nation's economic growth in recent quarters has been stronger than it forecasted in January, but also mentioned that it was “uneven expansion”.

In the Asian session, at GMT0300, the pair is trading at 1.3232, with the USD trading 0.1% lower against the CAD from yesterday's close.

The pair is expected to find support at 1.3194, and a fall through could take it to the next support level of 1.3155. The pair is expected to find its first resistance at 1.3305, and a rise through could take it to the next resistance level of 1.3377.

Moving ahead, Canada's new housing price index for February, slated to release later today, will be closely watched by investors.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

EUR/USD

The EURUSD pair eventually broke above daily Ichimoku cloud and took out next strong barriers at 1.0622/66 (100 SMA / 55SMA), in late Wednesday's strong bullish acceleration, triggered by comments fron President Trump about too strong dollar that sent the greenback sharply lower across the board.

The Euro enjoyed fresh support and emerged out of two-day congestion, hitting recovery high at 1.0675 near the end of the US session. Strong bullish close on Wednesday would improve pair's near-term sentiment that was firmly bearish and signal stronger recovery.

Today's strong bullish close generated positive signal for fresh acceleration higher for attack at pivotal 1.0700 barrier (Fibonacci 61.8% of 1.0906/1.0570 descend), break of which would confirm reversal.

However, daily studies are still weak and may keep the downside vulnerable if the pair fails to clear 1.0700 pivot. Broken 100 SMA marks key near-term support at 1.0623, loss of which will be bearish.

German, French and Italian inflation data will key releases from the Eurozone on Thursday, with forecasts showing mainly unchanged values in March.

Support: 1.0650, 1.0630, 1.0623, 1.0614
Resistance: 1.0675, 1.0700, 1.0715, 1.0738

USD/JPY

USD JPY slumped in late US session after comments from President Trump about too strong dollar. The pair accelerated strongly lower after consolidating previous day's strong fall. Long bearish candle that was left on Tuesday, maintained strong bearish pressure, as yen remained supported by strong safe-haven buying amid growing geopolitical tensions.

The pair hit fresh nearly five-month low near 109.00 handle on Wednesday's fresh bearish acceleration, on track for the second consecutive strong bearish daily close.Firmly bearish daily technical studies favour further weakness, as fundamentals are already working against the greenback. The pair is eyeing next target at 108.48 (Fibonacci 100% expansion of current wave C from 115.50), to validate wave principles and signal further weakness.

Former strong support at 110.00 that stayed intact on Wednesday, remains as key near-term barrier which should ideallycap corrective upticks, seen on daily RSI / Slow Stochastic entering oversold territory.

Support: 109.00, 108.48, 107.80, 106.73
Resistance: 109.86, 110.10, 110.59, 110.90

GBP/USD

Cable maintained strong bullish sentiment of past two days on Wednesday and extended strong rally through pivotal barriers at 1.2500/05. Fresh bullish acceleration on comments from US President Trump that the US currency is too strong, smashed the greenback and e fresh support to sterling that also took out next significant barrier at 1.2520 (Fibonacci 61.8% of 1.2615/1.2365 pullback. The pair needs close above the latter for bullish signal for recovery extension. Fresh bullish acceleration is approaching another pivot at 1.2556 (Apr 03 high / Fibonacci 76.4% retracement) break of which will open way towards key near-term barrier at 1.2615 (Mar 27 high).

Cable received support from mixed UK labour data, released earlier today. UK Jobless claims unexpectedly rose to 25.5K vs forecasted -3.0K, but Average earnings beat the forecasts coming at 2.3% in March, vs 2.2% forecast.

Support: 1.2520, 1.2480, 1.2460, 1.2427
Resistance: 1.2543, 1.2555, 1.2613, 1.2631

AUDUSD

The Aussie dollar hasn't changed significantly on Wednesday, remaining within tight consolidation range that is capped by sideways-moving 100SMA at 0.7514 that marks solid barrier and so far prevents stronger corrective action after broader downtrend from 0.7747 found support at 0.7473.

Initial signal of stronger recovery comes from daily slow stochastic that reversed from oversold territory, but initial requirement is firm break above 100SMA. Such scenario could anticipate fresh recovery and expose next pivotal barrier at 0.7550 (200SMA), break of which would confirm reversal and open way for stronger correction of 0.7747/0.7473 downleg.

Otherwise, prolonged consolidation would be likely near-term scenario, with risk shifted lower, as daily studies remain bearishly aligned.

Australian jobs data on Thursday are in focus, with strong forecast for new jobs at 20.0K in Mar, compared to -6.4K in Feb, while Unemployment rate is expected to stay unchanged at 5.9% in March.

Support: 0.7500, 0.7473, 0.7449, 0.7400
Resistance: 0.7514, 0.7550, 0.7576, 0.7611

GBPCAD

The GBPCAD cross showed no significant action on Wednesday and ended trading in Doji that signals indecision after strong rally on Tuesday. Recovery rally from 1.6515 low is struggling to clear 1.6657 barrier (50% of 1.6800/1.6515 downleg, following repeated false break above that was capped just under strong barrier at 1.6692 (200SMA).

Near-term price action is stuck between 100 and 200SMA's and without clear direction.The notion is supported by mixed setup of daily MA's and contradicting daily indicators. MACD is holding in the positive territory, while Momentum studies are negative and daily RSI is holding in neutrality zone.

Break of either congestion boundary, 200SMA at 1.6692 or 100SMA at 1.6493 is needed for firmer direction signal.

Break lower will complete daily Failure Swing pattern for deeper fall, while lift above 200SMA would signal false break below pivotal 1.6535 support (low of Mar 30) and open way for fresh recovery towards key barrier at 1.6800.

Support: 1.6571, 1.6535, 1.6515, 1.6493
Resistance: 1.6680, 1.6692, 1.6736, 1.6800

GOLD

Spot Gold surged in late US session extending strong rally for the second day after US dollar slumped on comments from US President Donald Trump, who said that the US currency is getting too strong while geopolitical concerns continue to weigh on sentiment.

The yellow metal hit fresh five-month high at $1283, approaching its next target at $1286 (Fibonacci 76.4$ of $1337/$1122 descend. Gold is driven by rising geopolitical concerns that prompted investors to move from riskier assets into safe-haven gold.After Strong rally on Tuesday left long bullish daily candle that underpinned bullish action, gold price continued to rise and accelerated on the latest comments from President Trump. Strong bullish sentiment was boosted by fresh dollar's weakness and could drive gold price through $1286 barrier towards targets at $1292 and psychological $1300 barrier in extension.

Firmly bullish technical studies remain supportive, however, overbought conditions on daily chart may pause rallies for consolidation.

Former tops at $1270/60 are expected to keep the downside protected.

Support: 1272, 1270, 1263, 1257
Resistance, 1283, 1286, 1292, 1300

WTI CRUDE OIL

WTI oil ended trading in red on Wednesday for the first time after four straight days of gains that hit fresh five-week high at $53.74 per barrel. The oil price eased below $53.00 in late US session, extending pullback despite unexpected fall in US crude inventories. Energy Information Administration released its weekly report, showing fall of crude stocks by 2.2 million barrels in the week ended on Apr 7, compared to forecast for 87.000 barrels build.

Crude oil remains supported by rising tensions in Middle East and North Korea, also being supported by oil producers' decision to extend output reduction for another six months and eyes key short-term barriers at $55.00 zone. Current easing is likely driven by technicals, as studies are overbought, as well as on profit-taking after four-day rally, near the end of holiday-shortened week.

Tuesday's low, left after strong downside rejection at $52.68, marks initial support that stays intact for now, guarding hourly Ichimoku cloud base at $52.41 and broken Fibo 61.8% barrier at 51.97 which also act as significant supports.

Extended dips should find solid supports at $51.65/61 (converged 55/100 SMA), which are expected to contain and keep overall bullish structure intact.

Support: 52.79, 52.68, 51.97, 51.65
Resistance: 53.26, 53.74, 54.50, 55.00

DJIA

U.S. stocks ended lower on Wednesday as investors moved in safe-haven assets amid lingering geopolitical worries, but keeping the upcoming earnings season in sight. Investors remain concerned about the situation over Syria after US military attacked Syrian army base, with growing threats of escalation of conflict and further confrontation with Russia. Traders worry that these developments could distract president Trump from following his campaign promises in pro-business policies, such as tax cuts and higher infrastructure spending that drove Wall Street to its record highs since Trump's election.

Dow Jones ended Wednesday's trading in red and moved deeper into daily Ichimoku cloud, generating bearish signals after triple-Doji that signalled strong indecision during past few sessions.

Daily Tenkan-sen/Kijun-sen lines are in bearish setup and daily indicators entering negative territory, generating negative signal for attack at initial target at 20450 zone and extension towards key support at 20385 (daily Ichimoku cloud base, break of which could trigger further retracement of Jan/Mar 19713/21160 ascend.

Support: 20490,20450, 20385, 20266
Resistance: 20607, 20637, 20682, 20692

FTSE 100

FTSE index ended in red on Wednesday, after repeated rejection at key 7343 resistance (Fibonacci 61.8% of pullback from record high at 7444 to 7179 (Mar 27 low). Subsequent easing returned below broken Kijun-sen line (7311) and softened near-term structure, as hourly indicators moved into negative territory. Weakness from 7343 managed to find footstep at daily 20SMA 7285 that guards lower trigger at 7268 (daily Tenkan-sen), break below which would further weaken near-term picture and risk return to key near-term support at 7240 (top of rising daily Ichimoku cloud.

Daily technical indicators are holding in neutral zone and lacking clearer signals for now, however, bullish bias would remain in play while the price holds above rising daily cloud.

UK stocks ended lower on Wednesday after gains from financial and industrial sector were offset by losses in Tesco shares that dropped 4.6% on Wednesday, making blue-chip FTSE 100 index to close the day 0.45% down.

Support: 7268, 7240, 7222, 7195
Resistance: 7311, 7343, 7381, 7400

DAX

DAX ticked slightly above Tuesday's high today, but remained in red at the end of the day and stayed directionless for the second consecutive day. The price held between daily Tenkan-sen and Kijun-sen line (12240/12141 respectively, after repeated attack at key support at 12141, also Apr 06 low. Mixed signals from daily technical studies are lacking clearer direction signals, after Tuesday's long-legged daily Doji candle.The top performers of DAX index on Wednesday were Henkel (up 1.32%), Adidas (up 0.94%) and BMW which ended session up 0.90%.

On the other side, the worst performers were Thyssenkrupp (down 1.89%), Deutsche Boerse (down 1.08%) and Heidelbergcement (down 1.03%).

Rising stocks were 412 while 306 declined and 25 remained unchanged, with overall result keeping the index without stronger moves on Wednesday.

Rising daily 20SMA contained today's dips and continues to underpin, with key support at 12144, clear break of which would generate stronger bearish signal.

The upper pivot is at 12240 (Tenkan-sen) with lift above 12300 zone (Apr 10 high) needed to trigger stronger recovery.

Support: 12141, 12069, 12000, 11943
Resistance: 12199, 12240, 12267, 12296

Short term Elliott Wave view in Gold (XAUUSD) suggests that cycle from 4/10 low (1246.92) is unfolding as an impulse Elliott wave structure where Minutte wave ((i)) ended at 1257.2, Minutte wave (ii) ended at 1250.8, Minute wave (iii) ended at 1279.75, Minute wave (iv) ended at 1271.69 and Minute wave (v) of (a) is in progress towards 1291.99 – 1296.84 area before cycle from 4/10 ends and the yellow metal see a correction in Minutte wave (b). We don’t like selling the proposed pullback and expect buyers to appear again once Minutte wave (b) is over in 3, 7, or 11 swings provided that pivot at 4/10 low (1246.92) remains intact.

Gold 1 hour Elliott Wave Chart