Short term cycle from 11.23.2022 low remains in progress as a 5 waves impulse Elliott Wave. Up from 11.23.2022 low, wave ((i)) ended at 1833.29 and pullback in wave ((ii)) ended at 1795.90. The metal then rallies higher again in wave ((iii)). Internal subdivision of wave ((iii)) is unfolding as another 5 waves impulse in lesser degree. Up from wave ((ii)), wave i ended at 1825.21, and pullback in wave ii ended at 1813.30. Wave iii ended at 1850.15, pullback in wave iv ended at 1829.90, and final leg wave v ended at 1865.15 which completed wave (i). The metal then pullback in wave (ii) towards 1824.
The metal extends higher again in wave (iii) towards 1881.59, and wave (iv) ended at 1871.10. Final leg wave (v) is in progress to end wave ((iii)). Afterwards, Gold should pullback in wave ((iv)) to correct cycle from 12.28.2022 low before it resumes higher again in wave ((v)) of 1. Afterwards, it should end cycle from 11.23.2022 low and the metal should pullback to correct that cycle before the rally resumes again. Near term, as far as pivot at 1796.6 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
Gold 45 Minutes Elliott Wave Chart
