Short-term Uptrend :
Euro has the same differing options for the entire correction as Intermediate wave (B), which can take as the U.S. dollar but flipped over.
The rally in the week indicates that upward correction in the Minor wave C is in place yet, to get to more complexity in structure and last longer than it has so far.
Bullish Outlook :
Gold is advancing in Minor-degree wave 5, which should carry price strongly higher than mid-March extreme over the coming days.
The uptrend is well in place, now against the recent low at 1225.
Short-term Bearish View :
In the U.S. Dollar’s daily chart, there are differing options that the entire pattern as Intermediate wave (4) can take over the coming months.
The three straight days decline of this week would indicate that downside correction in the Minor wave C could have remained in progress, so that will become more complex and last longer than it has so far.
Bullish Outlook :
Gold could have concluded its correction as Minor wave 4 at 1206. The current advance in the same degree fifth-wave should eventually carry to a new high (above 1287.8).
The bullish count is in place, while the price hold above the 1206 extreme.
The strong retracing up (23.19%), that started early December, has still remained under the upper line of the medium-term channel. A weekly close above the channel line would fully confirm the bullish outlook in corrective stage as Primary wave ((B)).
Note : With respect to the wave structure, the advance as a five-wave in Intermediate wave (A) might still be extended to a new high.
Bearish View :
There is no change in the Euro’s bearish view, too.
The Minor-degree wave D would achieve the Fibo-expansion targets at 1.07885 and 1.06468, in a three-wave structure. Euro should hold under the mid-March high at 1.13423, during the entire process of decline in Minor-degree wave D.
Bullish View :
There is no change in the U.S. Index’s bullish view.
The Minor-degree wave D would achieve the Fibo 0.618 expansion target at 99.46, in a three-wave structure. (wave D = 0.618 wave B, a common relationship between the same direction waves of a triangle pattern.)
Note: The Index should hold above the mid-March low at 94.58, during the entire process of advancing in the wave D.