Short term Elliott Wave view in Gold (XA/UUSD) suggests that cycle from 4/10 low (1246.92) is 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) could be done at yesterday’s peak 1288.42 in Minutte wave (b), although another push higher in Minutte wave (v) of (a) towards 0.618-0.764% fibonacci extension area of Minutte (i)+(iii) 1291.84-1296.48, can’t be ruled out yet before ending the 4/10 cycle.
However while below the 1288.42 metal could have started the Minutte wave (b) pullback to correct the cycle from 4/10 lows. We don’t like selling the proposed pullback and expect buyers to appear again in Minutte wave (b) in sequence of 3, 7, or 11 swings provided that pivot at 4/10 low (1246.92) remains intact.
Gold 1 Hour Elliott Wave Chart
