Short term Elliott Wave view in Gold (XAUUSD) suggests that cycle from 4/10 low (1246.92) unfolded as an impulse Elliott wave structure where Minutte wave ((i)) ended at 1257.2, Minutte wave (ii) ended at 1250.8, Minutte wave (iii) ended at 1279.75, Minutte wave (iv) ended at 1271.69 and Minutte wave (v) of (a) ended at 1295.6 peak. Wave (b) pull back is proposed to be still in progress to correct the cycle from 4/10 (1246) in low. This pull back is expected to take the form of a 7 swing Double Three Elliott wave structure where wave w ended at 1281.08 and wave x ended at 1292.29. While below 1292.29 high, we expect to see another low towards 1277.72 – 1268.64 area to complete wave (b) pull back. From this area, yellow metal should turn higher and make new highs above 1295.6 or bounce in 3 waves at least. We don’t like selling Gold and expect to see buyers appearing in 7 or 11 swings as far as pivot at 1246 low remains intact in the first degree.
Gold 1 Hour Elliott Wave Chart