FX:XAUUSD Gold / U.S. Dollar
Gold has completed the first wave of the downward impulse, and will likely continue its descent, which will be aligned with further strengthening of USD and decline in Crude. The correction in Gold is not finished yet and I expect a deeper retracement to occur during the next week, probably reaching 61.8%. I would not expect the movement to resume until mid next week as other markets need to complete their parts of wave structure: DXY still needs to complete its correction (Y wave is not finished yet) and Crude needs to complete its upward wave 5 (just starting). I would also expect S&P to get to a local high early next week. Once all that is done, I expect a powerful reversal in all of these.