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Elliott Wave View: 5 Waves Rally in Gold

Short Term Elliott Wave View in Gold suggests rally from 7.21.2022 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 7.21.2022 low, wave 1 ended at 1739.27 and pullback in wave 2 ended at 1711.10. The metal then extends higher in wave 3 towards 1788.03. Internal subdivision of wave 3 is in another impulse in lesser degree as the 45 minutes chart below shows. Up from wave 2, wave ((i)) ended at 1741.69 and pullback in wave ((ii)) ended at 1733.60.

The metal extends higher again in wave ((iii)) towards 1780.52. Dips in wave ((iv)) ended at 1768.10. Final leg higher wave ((v)) of 3 ended at 1788.03. Pullback in wave 4 ended at 1753.77 with internal subdivision as a zigzag. Down from wave 3, wave ((a)) ended at 1753.90. Rally in wave ((b)) ended at 1772.77, and wave ((c)) lower ended at 1753.77. This completed wave 4 in higher degree. Index has resumed higher in wave 5. Up from wave 4, wave ((i)) ended at 1788.47, and wave ((ii)) pullback ended at 1773.40. Wave ((iii)) ended at 1794.93, and pullback in wave ((iv)) ended at 1787.70.

Expect 1 more push higher in wave ((v)) to end the 5 waves rally from 7.21.2022 low and complete wave (A). Afterwards, it should pullback in wave (B) to correct that cycle in larger degree 3, 7, or 11 swing before the next leg higher. Near term, expect Gold to end wave (A) soon and see 3 waves pullback, but as far as the pullback stays above 7.21.2022 low at 1680.20, it should resume higher again.

XAUUSD 45 Minutes Elliott Wave Chart

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