XAUUSD on wave 3

FX:XAUUSD   Gold Spot / U.S. Dollar
407 1
XAUUSD didn't retrace as I thought it would and exploded up. This may be a sign of the uncertainty in the USD. Price is now on wave 3. Looks late to enter, and I'd wait for a correction.
Comment: Top of wave 5 hit with the elections. Now we need to wait for market to rest a bit before reanalysing. Still looks like Gold is going up, wich would mean USD would go down as shown in the DXI chart
In my view, its all about the election...that's the only reason Gold has bounced up - as the USD would have been stronger on rate hike prospects.
The election has everyone spooked, so break either way is heavily dependent on result.
With the lessons of Brexit, my money is on the more 'unlikely' event - a Trump win, markets fall initially and hence gold gets strong demand. And of course I could be completely wrong :)
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