Elliott Wave Analysis: Gold and USDTRY Are Looking Strong!

Jun 12,2019 12:59   Source:Forex Crunch

Stocks remain in a strong uptrend, but we may see some pullbacks, especially if we consider a 5th wave on S&P500.

The main reason for a potential pullback can be that support on gold, right at the 38,2% Fibo. retracement, previous wave 4 and 1320 support level. In case we get a bounce back above 1330 region, then gold may easily go back to the highs, especially because of an opened GAP above.

GOLD, 1h

Just another day in the office for USDTRY.

As expected, after that three-wave a-b-c corrective decline in wave b), seems like USDTRY is hunting that 5.89 – 5.92 resistance area for wave c) now.

At 5.89 – 5.92 resistance area bulls can stop, and a bearish reversal, below 5.671 low can happen.


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