GOLD
Gold turned nicely up last week from our highlighted Fib. levels where metal shows swing of a completed a)-b)-c) set-back. Notice that the price turned up very sharply and took out the upper channel line as well which is an indication for more upside in the sessions ahead. That said, we think that gold will stay supported towards 1244 this week, or maybe stay sideways if the whole consolidation since Feb 09 high is an ongoing triangle, but also a bullish structure!
GOLD, 1H
GBPJPY
GBPJPY is turning lower from 142.00 but can be wave c) of a flat in wave two so actually it can still be only a corrective set-back within a new ongoing impulse that will take us out of a triangle. But the triangle can be tricky as it can also occur in wave B position, so I would personally avoid this pair unless we see a break above 142.82 swing high and then look for pullbacks to join the ride. An aggressive trader however, will pay attention to 140.80 support.
GBPJPY, 1H
