Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a flat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
The bullion metal has completed a bearish elliot wave and is currently in ABC correction phase.
Apparently, a bullish flag formed in the B wave has been broken.
Hence we expect the pair to be be bullish for short term and form a short term elliot wave to complete the long term corrective C wave.
