E Gold & USD/JPY Intraday: Elliott Wave Analysis

  • GOLD Slides While USDJPY Remains Bullish
  • NFP reports Is quite good for USD
  • USDJPY has rooms for more gains

NFP report was quite good for the US dollar and the first reaction can be already seen with the US dollar moving up. USD/JPY remains bullish as expected and it's already at 110 area. There can be actually room for more gains towards 110.35 for wave »c«, but if we see extension even up to 111.0 area, then we will start tracking wave »iii« of a five-wave bullish impulse.

USD/JPY 1h Elliott Wave Analysis Chart

USDJPY Elliott Wave Analysis

As USDJPY remains bullish, we can see a strong decline on metals as we warned about. GOLD is coming now even lower, maybe still as part of a complex W-X-Y corrective decline, but for any bullish view, it has to stop in the 1770 – 1760 key do/die support.

GOLD 1h Elliott Wave Analysis Chart

GOLD Elliott Wave Analysis

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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William K. 1 month ago Member's comment

It is moore than a little spooky to see a representation that stock market pricing can be predicted by means of some formula or mathamatic function, when the price is driven by both known and unknown forces.