Gold‘s upward trajectory may persist. This overview also delves into the dynamics of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD completed a growth wave, reaching 1.0986. Currently, a consolidation range is shaping below this level. A potential downward breakout could lead to a correction to 1.0936. Following the correction, there’s a possibility of a new growth wave targeting 1.1011. This is considered a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD concluded a growth wave at 1.2760. The market is undergoing correction to 1.2720 today. Following the correction, a new upward link to 1.2777 might form, succeeded by a decline to 1.2700.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is in the midst of an extending corrective wave to 143.07. After the correction, there’s potential for a rise to 145.88, marking a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF completed a decline wave to 0.8592. A consolidation range is emerging above this level. An upward breakout might trigger a growth wave to 0.8650. Upon reaching this level, a decline structure to 0.8590 could unfold.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD continues evolving in a growth wave to 0.6783, and there’s potential for an extension to 0.6800. Following this level, a new decline wave to 0.6730 might initiate, paving the way for a continuation to 0.6666.
BRENT
Brent is progressing in a growth wave to 79.82. After reaching this level, a corrective link to 77.60 is plausible. Once the correction concludes, the trend may resume towards 83.00. This is considered the first target.
XAU/USD (Gold vs US Dollar)
Gold has established a fresh growth structure to 2046.00. A consolidation range is anticipated around this level. An upward breakout could signal a potential growth wave to 2075.00. This is a local target. Subsequently, a decline to 2046.00 might follow (a test from above), and the price could then rise to 2118.00.
S&P 500
The stock index is advancing in a growth wave to 4782.0. Upon reaching this level, a correction to 4739.0 might unfold. A wide consolidation range is practically forming around this level. If there’s a downward breakout, a decline wave to 4666.0 could follow.
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