Short term Elliott Wave view in Gold (XAUUSD) 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) ended at 1295.6 peak.
Below from there, the metal could have finished correcting the 4/10 cycle (1246) in Minutte wave (b) pullback as 11 swings Triple three structure within the blue box area at yesterday’s low 1278.68 & should be a risk free already, while above from there and as far as pivot from 1246 low remains intact, the metal has scope to resume the rally in Minutte wave (c).
However, the metal still needs to see a clear break of 1295.6 peak first, for final confirmation for the next leg higher, above from 1278.68 low Minutte wave (i) and it ended at 1292.12 peak and Minutte wave (ii) still remains in progress & expected to end above 1278.68 low for a continuation higher. If it manages to break 1278.68 low from here, then the metal could see 1275.38-1271.33 area next as double correction before resuming higher again. We don’t like selling the metal and we favor buying dips in 3, 7 or 11 swings as far as the pivot from 4/10 low remains intact.
Gold 1 Hour Elliott Wave Chart 04/19/2017
