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Breakout on Gold Suggests Higher EURUSD

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Jan 02 2020

On the daily chart of Gold we can see a decisive break-out out of a corrective channel, that indicates a move back to the highs, ideally for a fifth wave of a recovery. If that is going to be the case then rise from 1445 should be made by five sub-waves. In the mean-time we can also expect EURUSD to reach higher prices, if we consider that both markets have a tight correlation since November of 2019.

Gold daily chart and 4h chart + EURUSD correlation



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