Gold And BTCUSD

Grega Horvat

Gold is trading in a three-wave decline, away from 1300 region. We see first wave A) completed, followed by a slow and choppy movement which could be a triangle correction in the making within wave B). Ideally wave B) will unfold two more waves within itself and later make a new push lower, into the final wave C), that can search for a base near the Fibonacci ratios of 138.2/161.8.

Gold Hourly Chart

Gold Hourly Chart

BTCUSD is currently trading bullish, displaying a nice minor recovery away from the wave IV base, near the 3600 region. This recovery could now suggest a change in trend, and a five-wave bullish movement to follow. Ideally blue wave one is now trading in final stages, meaning a corrective wave two can be around the corner. A later breach above the 4043 level will be another indication for more upside to follow.

BTCUSD Hourly Chart

BTCUSD Hourly Chart

Source: www.ew-forecast.com

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