Gold Prepares for Correction Ahead of Decline – Analysis of EUR, GBP, JPY, CHF, AUD, Brent, and S&P 500 Index Included.
EUR/USD (Euro vs US Dollar)
EUR/USD is in the midst of a correction, having reached the local target at 1.0908. Anticipate a decline to 1.0880, followed by a subsequent rise to 1.0913. Upon completing the correction, another decline link to 1.0838 might initiate.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD is consolidating around 1.2668, potentially expanding the range to 1.2742. This movement serves as a correction for the initial decline wave. After concluding this correction, a new upward wave to 1.2588 could commence, representing a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is within a consolidation range around 148.01, which may extend to 147.18. Upon reaching this level, a new upward wave to 149.17 could unfold.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has achieved the local target of the growth wave at 0.8696. Currently, a consolidation range is forming below this level. A downward breakout from the range may lead to a correction to 0.8585, followed by a rise to 0.8705, marking the first target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has concluded a correction wave to 0.6612. The market is now forming a consolidation range under this level, potentially extending to 0.6590. A downward breakout could open the door to a decline wave to 0.6524, followed by a continuation to 0.6498.
BRENT
Brent has completed a growth wave to 79.74, and a correction to 78.11 is in progress. Following the correction, a new upward wave to 80.65 may develop, leading to a continuation of the trend to 82.12. This is considered a local target.
XAU/USD (Gold vs US Dollar)
Gold has finalized a correction to 2039.35, forming a decline structure to 2021.50. Expect a new correction link to 2040.40. Once complete, a new decline link to 1988.00 might emerge.
S&P 500
The stock index has established a consolidation range around 4795.0. Breaking out upwards, it continues to extend the growth wave. Currently at the local target of 4857.0, a decline link to 4795.0 is possible (a test from above). Subsequently, anticipate a rise to 4875.5.
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