Revised Short Term Elliott Wave view in Gold suggests that the yellow metal is still correcting cycle from 12/13/2017 low ($1236.3) as a double three Elliott Wave structure. Up from 12/13/2017 low, Intermediate wave (W) ended at $1366.06 at 1/25/2018, and Intermediate wave (X) pullback remains in progress as a double three. Down from $1366.06, Wave W of (X) ended at $1306.80 and wave X of (X) ended at $1357.12. Near term, while bounces stay below $1361.4, expect Gold to extend lower in wave Y of (X) towards $1288.1 – $1302.11 before the rally resumes. We don’t like selling the yellow metal and expect buyers to appear from the above area for at least a 3 waves bounce if not an extension to new high.
Gold 1 Hour Elliott Wave Chart
%20as%20a%20double%20three%20Elliott%20Wave%20structure.%20Up%20from%2012/13/2017%20low,%20Intermediate%20wave%20(W)%20ended%20at%20$1366.06%20at%201/25/2018,%20and%20Intermediate%20wave%20(X)%20pullback%20remains%20in%20progress%20as%20a%20double%20three.%20Down%20from%20$1366.06,%20Wave%20W%20of%20(X)%20ended%20at%20$1306.80%20and%20wave%20X%20of%20(X)%20ended%20at%20$1357.12.%20Near%20term,%20while%20bounces%20stay%20below%20$1361.4,%20expect%20Gold%20to%20extend%20lower%20in%20wave%20Y%20of%20(X)%20towards%20$1288.1%20%E2%80%93%20$1302.11%20before%20the%20rally%20resumes.%20We%20don%E2%80%99t%20like%20selling%20the%20yellow%20metal%20and%20expect%20buyers%20to%20appear%20from%20the%20above%20area%20for%20at%20least%20a%203%20waves%20bounce%20if%20not%20an%20extension%20to%20new%20high.){kind=link}