Gold plunged on Monday after breaking outside a bearish and bullish channel. With (encircled) wave ii completed, we could see momentum increase as wave 3 seems imminent unless we head back towards 1900/oz.
The Swiss franc continued weakening against the greenback but the pair’s structure hints at further upside as there is no evident wave 4. A correction is expected to print soon, however.
Aussie has formed a corrective structure that resembles an ending diagonal. Volumes point to a finished 3rd wave structure that hints at a short-term upside correction. But it’s unlikely to last.
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Daily Elliott Wave Forecast: GOLD, USDCHF, AUDUSD (03.05.22)
Gold plunged on Monday after breaking outside a bearish and bullish channel. With (encircled) wave ii completed, we could see momentum increase as wave 3 seems imminent unless we head back towards 1900/oz.
The Swiss franc continued weakening against the greenback but the pair’s structure hints at further upside as there is no evident wave 4. A correction is expected to print soon, however.
Aussie has formed a corrective structure that resembles an ending diagonal. Volumes point to a finished 3rd wave structure that hints at a short-term upside correction. But it’s unlikely to last.
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
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