As stocks gains metals fall. So on gold we have seen a deep leg down from 1284 which is still only first leg of a three wave retracement. We are tracking wave (b) now that can retrace even back to 1255 before a contra-trend move can be finished. Our view for the short-term remain unchanged as long as market trades above 1240.
GOLD 1h Elliott Wave Analysis
On FX desk, we are tracking GBPUSD very closely as pair can be in another corrective wave four, but of a higher degree. We are tracking black wave 4 that may retrace for even 38.2% compared to wave 3. As such, we expect more downside before we may look for new bounce, through 1.7000 psychological level.
GBPUSD 30min Elliott Wave Analysis
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