In this chart I describe the relationship between gold, the pound and kiwi.
I think we have a very strong trend going, which hasn't ended.
It's highly possible that the gold EW count in the related ideas pans out, which would correlate with the bullish signals I obtain from the gbp/nzd and gbp/gold charts using time at mode.
Initially, we had a correction after exceeding my forecasted target, as outlined in my previous GBPNZD chart (also in related ideas) but I don't think the move is done yet.
Today we had lots of bullish gold publications, lots of technical traders calling bottoms, even myself for a minute but I'm not so sure anymore. Not with this background and the lower timeframe analysis of the move from the lows.
I think we will have to wait for any kind of longer term reversal, and for now I'd suggest waiting for GBPNZD to get oversold to buy it, and waiting for gold rallies to fade them,same with the Kiwi.
As a sidenote, I believe it's highly probable to see an intermediate bottom form in the near term, but it won't happen today.
I'll monitor the RBNZ decision, we might have good opportunities on the short side very soon.
Cheers,
Ivan.
I think we have a very strong trend going, which hasn't ended.
It's highly possible that the gold EW count in the related ideas pans out, which would correlate with the bullish signals I obtain from the gbp/nzd and gbp/gold charts using time at mode.
Initially, we had a correction after exceeding my forecasted target, as outlined in my previous GBPNZD chart (also in related ideas) but I don't think the move is done yet.
Today we had lots of bullish gold publications, lots of technical traders calling bottoms, even myself for a minute but I'm not so sure anymore. Not with this background and the lower timeframe analysis of the move from the lows.
I think we will have to wait for any kind of longer term reversal, and for now I'd suggest waiting for GBPNZD to get oversold to buy it, and waiting for gold rallies to fade them,same with the Kiwi.
As a sidenote, I believe it's highly probable to see an intermediate bottom form in the near term, but it won't happen today.
I'll monitor the RBNZ decision, we might have good opportunities on the short side very soon.
Cheers,
Ivan.
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Following the forecasted path!
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Looks like something changed, gold might have bottomed:
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Working.
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