Elliott Wave View: Gold 5 Waves Up

Gold Short Term Elliott Wave suggests that the rally from 8/15 low is unfolding as a zigzag. The first leg Minor wave A is subdivided as an impulse. Minute wave ((i)) of A ended at 1300.83, Minute wave ((ii)) of A ended at 1274.45, Minute wave ((iii)) of A ended at 1326, and Minute wave ((iv)) of A ended at 1297.52. Minute wave ((v)) of A is currently in progress and also subdivided as an impulse.

Minutte wave (i) of ((v)) ended at 1323.63, Minutte wave (ii) of ((v)) ended at 1316.3, and Minutte wave (iii) of ((v)) ended at 1339.77. Gold is currently in Minutte wave (iv) of ((v)) pullback before another leg higher to complete Minor wave A. Afterwards, Gold should pullback in Minor wave B to correct cycle from 8/15 low before the rally resumes. We don’t like selling Gold and expect buyers to appear once wave B pullback is over in 3, 7, or 11 swing as far as pivot at 8/15 low (1267.21) stays intact.

Gold 1 Hour Elliott Wave Chart