Gold is approaching the lows, but with recent slow price action around the 1280 we think that price is in final stages of a five wave decline. A wedge pattern at the low also suggests that support could be near. Keep an eye on 1272-1275 region from where bounce could occur. From a trading perspective it’s better to be patient and wait on correction before going short.
USDJPY has extended gains today, but based on the intra-day price action we think that upside is limited. Notice that pair is in fifth wave up so correction may occur and send price back to 99.00 region that would be an ideal zone for a new bounce higher. We just hope we will get this pullback. At the moment pair is just trading too high and risk/reward ratio is not good at current price.
Written by www.ew-forecast.com
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