The X-wave bounce from 2,355 minor support level

Abhishek H. Singh WaveTalks

As discussed in the debut idea of WaveTalks (Triangle Trap-Gold’s Next Move-Elliott Wave Analysis), 2355 can be a minor support. The sharp fall from the highs of 2378 to 2355, close from the tops of 2385, may belong to the X-wave family, marked as wave Ⓧ close to 2355 in a yet-to-unfold complex structure in the proposed wave Ⓑ.

Until the zone of 2350-2355 holds, Gold can bounce back to the minor resistance of 2385 once again completing the wave Ⓑ or part of the wave Ⓑ, and face resistance close to 2385. Any move above 2385 may push the price towards 2401, which is a key and psychological resistance level.

Check the WaveTalks debut idea on Gold for detailed outlook as discussed earlier. Have a great trading session.

Author

Abhishek H. Singh

WaveTalks

Abhishek is a seasoned financial analyst with over a decade of experience specializing in Elliott Wave Theory.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.