GOLD
Gold made a nice bounce in the last few weeks which in fact looks to be in five waves from 1194. As such, the move must be part of a minimum three wave rise of a higher degree, which means that the metal will most-likely break to a new high of the year, but after a pullback down in wave B or wave 2. Now, we see the price undergoing a nice rally, which may be only temporary as we expect the three sub-wave to unfold within wave B or 2. Support for the whole correction may later then be around the 1226-1240 region.
GOLD, 4H
NZDUSD
NZDUSD is showing first signs of a completed correction in wave 4). We can see a nice breach beneath the 0.6966 level which suggests more downside to follow within wave 5). A five-wave minor movement to the downside may be expected.
NZDUSD, 4H