There is a high probability that Gold might retest the top while creating a divergence with the RSI, However, the longterm move seems to still be to the downside.
The pair has given a buy signal ~ Follow Proper Risk management
There is a short move to the upside before continuation to the downside.
The logic is given in the chart, what do you guys think?
There might be one move to the upside before the trend reversal. NB: EXPAND the chart for a clearer view.
Weekly bullish candle; a good entry should present itself sometime next week and hold for quite a few months to even a year. This has the exact structure as EURUSD, only that EURUSD is one wave ahead. This is common because even with correlating pairs you will find that some lead and others lag. Patience is fast!
This pair has created a wave 2 which is a running flat (exactly the same pattern it did in early 2017 {verify this on your chart). If missed, next week Thursday might offer another entry after a weekly retracement. Patience is very fast!
The structure is still facing down, there are gaps in the structure that need to be filled.
Gold is falling for a while. #NB: Refer to the W, D and 4H charts to understand the logic of the analysis.
The rand is showing signs of strength. * Refer to the Weekly chart to see the logic of the analysis.
The continuation might be about to begin. *NB: The price might still stall around this level before it falls because its only Monday today. Sometime Wednesday or Thursday we might expect the strong move to the downside if it does not breakout to the upside before then. Patience is fast!
Update from previous GBPAUD post: The last move (5th wave of the C wave) might be underway before the continuation to the downside. HOLD! Patience is fast.