Gold ( GC_F ) has been rallying since forming a low on 3/10 (1196). Rally from there is still incomplete and needs some more upside, so we were keep looking for buying any intraday dip in the yellow metal for continuation higher. Below is the Elliott wave 1 hour weekend updated chart from April 8, where Minute wave ((w)) ended at 1260.9 & Minute wave ((x)) pullback ended in 3 swings at 1239.4 area. Up from there Minutte wave (w) higher ended in 3 swings at 1270.6 area, below from there the metal was showing the flat correction in Minutte degree wave (x) from 4/07 peak for the correction of near term cycle from 3/31 low (1239.4). Which was expected to end the 5 waves from the peak in Sub Minutte wave c lower in between 50-764% Fibonacci retracement area ( 1254.43-1246.54) before the rally resume in the metal or for a 3 wave bounce at least to allow our member’s to create a risk free position.
Gold 1 Hour Elliott Wave Chart 4.8.2017
The yellow metal found buyer’s as expected from the blue box area ( 1254.43-1246.54) after forming a low on 3/10 (1246.9). Metal has now broken above the previous wave (w) peak (1270.6) thus suggesting the next leg higher has started already. The rally from (1246.9) low could be unfolding as 5 waves impulsive waves in Minutte wave (a) higher, where it could have ended the Minutte wave (iv) at the 23.6% Fibonacci retracement (1271.6) from which it managed to bounce higher to resume the move to the upside looking to reach the minimum target of Minutte wave (v) at the inverse 1.236 – 1.618 Fibonacci extension of Minutte wave (iv) that comes at 1281.6-1284.6 area. The next opportunity in the metal will comes after ending the 5 waves from 1246.6 low, then metal should see a 3 wave pullback in Minutte wave (b) to correct that cycle before doing another 5 waves higher in Minutte wave (c) of a Zigzag structure ( unless it turns out to be a flat correction from 4/07 peak and corrects 3/31 cycle).
Gold 1 Hour NY Updated Chart 4/12/2017
Note: we have adjusted the degree of labels on last 1 Hour Chart but that will not affect the view in the metal.