There appears to be an elliot wave formation, supported with Fibonacci Speed Resistance Arcs.(1) to (2) is on the 0.382 arc and (3) to (4) is on the 0.618 arc. My prediction is that the correction wave will hit the 0.786 arc and (B) to (C) will be on the 0.786 arc.
Gold is converging while following the fib retracement. The main trend is between 0.618 level and 0.236 level. It has already broken the main trend once, now it is breaking the trend for the second time. A short-term long position may prove to be profitable.
There appears to be a coverging trend. The turquois (light blue) trend is the outer trend and the dark blue/purplish is the inner trend. Gold has broken the inner trend trice already and now it is breaking it for the fourth time. The breaks are in the form of two peaks (troughs). The breaking peaks form the outer ...
There is an upward trend; however, it is getting weaker and weaker. Especially with the second and third peaks. Plus with all the FED/interest rate uncertainty there is a possible fall. If, on the other hand everything goes well, the trend will stay put and we will possibly see long-term gains.
As it can be seen on the chart, there is an elliot wave forming currently. Momentum indicator is inclined to the zero level a possible trend change until it reaches the 5th change. FX:GBPUSD Although it is a short-term trade it can be worthy. Do be looking out for any news that might affect the GBPUSD market.