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Gold May Extend Its Corrective Wave - Overview of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 Index

EUR/USD (Euro vs US Dollar)

EUR/USD has undergone a correction to 1.0943. The market is currently forming a consolidation range beneath this level. If it breaks out of the range to the downside, it could initiate a correction to 1.0860.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a corrective wave to 1.2744. A consolidation range is currently forming beneath this level. If it breaks out of the range to the downside, it might trigger a descending structure to 1.2650.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY has established a consolidation range around 146.05. An upward breakout could lead to a growth link to 147.37. Conversely, a downward breakout might create the potential for a decline to 144.74.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has completed a corrective wave to 0.8750. A growth link to 0.8815 could form today (with a test from below). Afterward, the correction might continue to 0.8757. Once the correction concludes, a new growth wave to 0.8900 may commence.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has finished a corrective link to 0.6520. Currently, the market is shaping a consolidation range beneath this level. If it breaks out of the range to the downside, it could set the stage for a declining wave to 0.6460, potentially extending to 0.6400.

BRENT

Brent has formed a growth wave to 85.55. Presently, the market is creating a consolidation range beneath this level. A corrective link to 83.47 is possible, followed by a rise to 87.60. From there, the trend might continue to 89.50.

XAU/USD (Gold vs US Dollar)

Gold has completed a corrective wave to 1948.77. Currently, the market is forming a consolidation range beneath this level. An upward breakout could result in a growth link to 1954.94. Conversely, a downward breakout might initiate a declining wave to 1935.00, potentially extending to 1904.00.

S&P 500

The stock index has undergone a correction to 4520.0. Currently, a consolidation range may form beneath this level. An upward breakout could lead to a growth link to 4545.0. Conversely, a downward breakout might extend the trend to 4311.5.

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The post Technical Analysis & Forecast August 31, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast August 31, 2023
Sourced From: blog.roboforex.com/blog/2023/08/31/technical-analysis-forecast-august-31-2023/
Published Date: Thu, 31 Aug 2023 09:13:30 +0000

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