Elliott Wave View: Gold Should Extend Higher

Gold shows an incomplete sequence from August 16, 2018 low favoring further upside. Near term, pullback to 1385.34 ended wave (4). The yellow metal has resumed higher in wave (5). Internal of wave (5) is unfolding as a 5 waves impulse Elliott Wave structure. Up from 1385.34, wave 1 ended at 1427.16 and wave 2 pullback ended at 1399.70. Internal of wave 1 unfolded also as an impulse in lesser degree. Wave ((i)) of 1 ended at 1400.03, and wave ((ii)) of 1 pullback ended at 1389.82. Rally then resumed in wave ((iii)) of 1 towards 1420.76, wave ((iv)) of 1 ended at 1418.7, and wave ((v)) of 1 ended at 1427.16

Wave 2 pullback ended at 1399.70 as a zigzag Elliott Wave structure. Wave ((a)) of 2 ended at 1400.56, wave ((b)) of 2 ended at 1419.75, and wave ((c)) of 2 ended at 1399.70. Gold has now resumed higher in wave 3 of (5). Up from 1399.70, wave ((i)) of 3 ended at 1430.08. Expect wave ((ii)) of 3 dips to find support in 3, 7, or 11 swing as far as pivot at 1385.34 stays intact. We don't like selling the yellow metal.

Gold 1 Hour Elliott Wave Chart

Gold 18 July