Comex Gold (GC) Gold rose further to as high as 1145.8 last week but turned sideway since then. Initial bias is neutral this week and some more consolidations could be seen. But after all, rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1145.8 will target 1163 resistance next. Also, note that whole correction from 1227.5 might have completed with three waves down to 1044.5 already. Break of 1163 will confirm this case and bring retest of 1227.5 high. In the
GBPUSD stays below a falling trend line on daily chart and remains in downtrend from 1.6456. As long as the trend line resistance holds, downtrend could be expected to continue and deeper decline to 1.4600 area is possible. However, next cycle bottom on daily chart is nearing, a clear break above the trend line resistance could indicate that a cycle bottom has been formed and the fall from 1.6456 has completed. For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.4500
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