Gold May Initiate a Correction. The overview also details the dynamics of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has achieved the anticipated target of the corrective wave at 1.0734. A consolidation range is expected to form beneath this level today. In case of a downward escape from the range, the potential for a wave to 1.0710 might emerge, leading to an extension of the decline wave to 1.0685. If an upward escape occurs, the correction could extend to 1.0777.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has executed a decline wave to 1.2535 and might correct to 1.2593 today. After the correction concludes, a decline to 1.2530 might commence, and from there, the wave could extend to 1.2513. This is a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY continues to develop a correction to 149.78. Following the completion of this correction, a growth link to 151.00 could ensue. Subsequently, a decline wave to 149.30 is expected to commence. This marks the first target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is in the process of a correction to 0.8800. Once this correction concludes, a growth wave to 0.8898 could manifest. This is the initial target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has undergone a correction wave to 0.6500. Today, a decline impulse to 0.6477 and a growth link to 0.6488 have materialized. Effectively, a consolidation range has concluded at these levels. A downward escape from the range could open the potential for a decline wave to 0.6433. This is the first target.
BRENT
Brent has extended a consolidation range to 83.13. Today, quotes might correct to 79.80. Following the correction, a growth link to 83.66 is anticipated. This constitutes the first target. Once this level is reached, a correction to 80.00 could initiate.
XAU/USD (Gold vs US Dollar)
Gold has finished a decline wave to 1984.10. Presently, the instrument is forming a consolidation range above this level. If an upward escape from the range occurs, the potential for a correction to 2006.50 might open. Conversely, with a downward escape, a decline link to 1970.30 is not excluded.
S&P 500
The stock index has completed a correction link to 4992.0. Currently, a consolidation range is forming around this level. Today, the range might expand to 5012.0. With an upward escape, the potential for a growth wave to 5047.0 is not excluded. In the event of a downward escape, the potential for a decline wave to 4922.0 might open, from where the trend could continue to 4825.0. This marks a local target.
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