The upward trend is strong, but there is a local correction of the pair.
Supposedly, the development of wave C of 2 within a bull correction of the senior level continues. At the moment, the first wave i of C has probably finished forming, and the local correction in a form of the second wave ii of C is developing. If the assumption is correct, after correction is completed the pair continues growing towards 1.6400.
In the short-run, open short positions below 1.5768 with the target at 1.5550.
The breakout and consolidation above 1.5786 would allow the pair to continue growing towards 1.6400.
October 24, 2016 Gold prices edged lower
Gold prices traded mixed on Friday. The yellow metal traded lower the half of the day and higher the other half. Sellers moved the price to the level 1260 dollar per ounce which appeared a solid barrier for it. The pair bounced from the level and reversed some of its losses...
October 24, 2016 Earnings and Macro data to drive financial markets the week ahead
A pretty robust U.S. corporate announcements last week indicated that thereâ€™s a high chance for corporate America to get out of a profit recession which lasted for five consecutive quarters...
October 21, 2016 Gold prices drop in Asia amid stronger greenback
On Friday, gold dropped during Asia trade amid a strengthening greenback as well as surging chances of a rate hike weighing on the hedge commodity...
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