Elliott wave view in Gold suggests that the decline to $1269.30 low ended intermediate wave (2) pullback. Above from there, the metal is nesting higher in an impulse structure looking for more upside within intermediate wave (3). While Minor wave 1 unfolded in lesser degree 5 waves structure where Minute wave ((i)) ended at $1275.31. Minute wave ((ii)) ended at $1272.20 low. Then Minute wave ((iii)) ended at $1287.30 high. Minute wave ((iv)) ended at $1280.50 low and Minute wave ((v)) ended at $1287.40 high.
Down from there, wave 2 unfolded as a zigzag structure where Minute wave ((a)) ended at $1275.90 low. Minute wave ((b)) ended at $1285.80 high and Minute wave ((c)) 2 ended at $1274.79 low. Up from there, Minor wave 3 of (3) remains in progress in another 5 waves structure initially looking for a marginal push higher towards $1292.79-$1297.06, which is the 100%-123.6% Fibonacci extension area of Minor wave 1-2 to end Minute wave ((i)) of 3. Afterward, metal is expected to do a pullback in Minute wave ((ii)) of 3, in 3, 7 or 11 swings against $1274.79 low before more upside can be seen. We don’t like selling it as the right side tag is bullish & calling for more upside.
Gold 1 Hour Elliott Wave Chart
