Gold (XAUUSD) broke above the previous peak on February 2, 2023 at 1959.74. It shows a bullish sequence from 9.28.2022 low favoring further upside. A 100% – 161.8% Fibonacci extension from 9.28.2022 low targets 2148 – 2360 to the upside. Near term, cycle from 2.28.2023 low is currently in progress as a 5 waves impulse Elliott Wave structure. Up from 2.28.2023 low, wave 1 ended at 1858.33 and dips in wave 2 ended at 1809. The metal extends higher again in wave 3 towards 2009.75. The 1 hour chart below shows pullback in wave 4 ended at 1933.90.
Wave 5 higher is now in progress with subdivision as another impulse in lesser degree. Up from 4, wave ((i)) ended at 2003.28 and pullback in wave ((ii)) ended at 1943.70. Up from there, wave (i) ended at 1987.57, wave (ii) ended at 1949.30. Gold then extends higher in wave (iii) towards 2032.13 and dips in wave (iv) is proposed complete at 2000.50. Expect Gold to extend higher in wave (v) to complete wave ((iii)), then it should pullback in wave ((iv)) before the rally resumes. Near term, as far as pivot at 1933.64 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
