Elliott Wave View: Gold Should Remain Supported

Elliott wave view in Gold suggests that the decline to $1269.30 low ended intermediate wave (2) pullback. Above from there, the metal is nesting higher in an impulse structure looking for more upside within intermediate wave (3).

Down from there, wave 2 unfolded as a zigzag structure where black wave ((a)) ended at $1275.90 low. Wave ((b)) ended at $1285.80 high and wave ((c)) 2 ended at $1274.79 low. Up from there, (3) is in progress in another 5 waves structure initially looking for more upside in wave (3) of 1. Afterward, metal is expected to do a pullback in 3, 7 or 11 swings. However, for now it is expected to extend further in ((iii)). We don’t like selling it as the right side tag is bullish & calling for more upside against 1274.79 low.