Gold at Technical Crossroads Ahead of GDP, PCE; ASX 200 Stalls at Resistance

From forex.com

Gold’s technicals suggest a possible near-term pullback, but a break above key levels could signal a fresh rally. Meanwhile, the ASX 200 faces resistance near 8500, with traders eyeing Wall Street cues and upcoming GDP and PCE data. A question at the back of my mind for gold is whether we’ve already seen the completion of an ABC correction. If we have, it suggests that prices will hold above 3120 and break above their record high. Keep in mind, this scenario could still allow for a pullback over the near term, but it must hold above wave C. Another scenario for gold is, of course, a deeper correction, such as a ... (full story)