Cycle from 11.23.2022 is unfolding as a 5 waves nesting Elliott Wave impulse. Up from 11.23.2022 low, wave ((i)) ended at 1810.04 and pullback in wave ((ii)) ended at 1773.92. The metal then is nesting within wave ((iii)). Up from wave ((ii)), wave (i) ended at 1823.82 and dips in wave (ii) ended at 1795.90. The metal then extends higher in wave (iii) towards 1928.95 and pullback in wave (iv) ended at 1895.40. Final leg wave (v) ended at 1949.16 which completed wave ((iii)).
Wave ((iv)) pullback is in progress as a double three Elliott Wave structure. Down from wave ((iii)), wave (w) ended at 1918.40. Expect a rally in wave (x) to hold below wave ((iii)) high at 1949.16 and the metal to turn lower again in wave (y) before ending wave ((iv)). Afterwards, it should resume higher again in wave ((v)) to end cycle from 11.23.2022 low. Near term, as far as pivot at 1823.84 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target for wave ((iv)) is 23.6 – 38.2% retracement of wave ((iii)) which comes at 1882 – 1908 area.
Gold 1 hour Elliott Wave Chart
