Gold may see larger degree correction [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Gold (XAUUSD) cyclc from 12.28.2023 high is in progress as a double three Elliott Wave structure. Down from 12.28.2023 high, wave W ended at 2001.6 and rally in wave X ended at 2065.6. The metal then turns lower again in wave Y. Wave Y subdivides into another double three in lesser degree. Down from wave X, wave i ended at 2051 and wave ii ended at 2058.70. Wave iii lower ended at 2027.6, wave iv ended at 2042.22, and wave v lower ended at 2014.50. This completed wave (a) in higher degree. Rally in wave (b) ended at 2044.55 as a zigzag. Up from wave (a), wave a ended at 2038.8 and wave b ended at 2030.2.

Gold (XAU/USD) 60 minutes Elliott Wave chart

Wave c higher ended at 2044.55 which completed wave (b). Down from there, wave i ended at 2011.5 and wave ii ended at 2032.85. Wave iii lower ended at 1989.9 and wave iv ended at 1997.81. Last leg lower wave v ended at 1984.09 which completed wave (c) of ((w)). Wave ((x)) rally is now in progress to correct cycle from 2.1.2024 high in 3, 7, or 11 swing before it resumes lower. Near term, as far as pivot at 2065.7 high stays intact, expect rally to fail for further downside.

XAU/USD Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD inching closer to 1.36

The Pound Sterling edged higher to 1.3640 on Thursday, recovering from an earlier pullback after stronger-than-expected US jobs data initially weighed on the pair. The Bank of England held rates at 3.75% at its February 4 meeting in a narrow 5-4 vote split, with four members preferring a 25 basis point cut to 3.50%.

Gold falls to near $4,900 as selling pressure intensifies

Gold price faces some selling pressure around $4,910 during the early Asian session on Friday. The yellow metal tumbles over 3.50% on the day, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ethereum investors face huge unrealized losses following price slump

US spot Ethereum exchange-traded funds flipped negative again on Wednesday after recording net outflows of $129.1 million, reversing mild inflows seen at the beginning of the week, per SoSoValue data. Fidelity's FETH was responsible for more than half of withdrawals, posting outflows of $67 million.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.