Next Week Outlook
A very interesting battle happened last week in our analytical arena. So far the score is 0:1, Gold is leading. Price action traders made a profit last week while Elliotticians carry loss on their shorts. We must admit the near term outlook is not clear. The price remains in the uptrend according to indicators. Elliottwave count suggests the contrary. Price action on Friday formed bearish candles. The price made 3 consecutive lower highs.
Referring to US indexes for a cue (due to positive correlation in the recent few years) does not help as indexes offer two opposite alternatives for the beginning of the week. One could be that both stocks and gold sink. The other one (labelled in orange) - both rally into the middle of the week where gold will invalidate the current count by more a complex correction.