$GC_F (Gold) 1 Hour Elliott Wave Analysis

Cycles from 1363 & 1434 highs have ended and yellow metal is trading higher. Initial move up from 1182 – 1248.50 was in 3 waves which we have labelled as red wave A. This was followed by a running FLAT correction in wave B which completed at 1218. Pair is currently trading higher in wave (( a )) which should be ending with a new high above 1255. We expect a (( b )) wave pull back and another leg higher in the yellow metal as far as pivot at 1218 remains intact in our system ( cycle studies). Hourly cycles are positive and there is no red box on the attached 1 hour chart so we don’t like selling the metal in wave (( b ))



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