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Elliott Wave Analysis: Gold Within A Three-wave Correction!

Gold made a five-wave drop from the 1358 high, which is an indication of a top in place for wave 3, and that a temporary change in trend is in progress. We are observing a three-wave corrective retracement, that can be wave 4 of a higher degree and can look for support, and a bullish reversal near the 1325/1320 region.Current rally which we see from the 1333 level can be part of a three-wave consolidation within wave B), with possible resistance near the Fibonacci ratio of 50.0 and 61.8 (1346/1349 area).

Gold, 1h

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