Short Term Elliott Wave view in Gold suggests the decline to $1306.8 ended Intermediate wave (X). However, the yellow metal needs to break above Intermediate wave (W) at $1366.06 to rule out the possibility of a double correction in wave (X). Up from $1306.8, the rally is proposed to be unfolding as a double three Elliott Wave structure where Minute wave (w))) ended at $1357.12 and Minute wave ((x)) is proposed complete at $1320.60. Near term, while pullbacks stay above there, and more importantly above $1306.8, expect the yellow metal to extend higher. We don’t like selling the yellow metal. If Gold breaks below $1306.8, then Intermediate wave (X) is unfolding as a double correction and opens extension lower towards $1228.27 – $1302.28 where buyers should appear for at least a 3 waves bounce.
Gold 1 Hour Elliott Wave Chart
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