Elliott Wave View: Gold Extends Higher

Gold (XAUUSD) shows a higher high sequence from 6.5.2020 low favoring further upside. Up from 6.5.2020 low, the precious metal extended higher in wave 1 as 5 waves impulse Elliott Wave Structure. The rally in wave 1 ended at 1744.77 high. From there, the metal did a pullback in wave 2, which unfolded as a zigzag Elliott Wave structure. Wave ((a)) ended at 1720.20 low and the bounce in wave ((b)) ended at 1743.13 high. Gold then declined lower and ended wave ((c)) of 2 at 1704.12 low.

Afterwards, the metal continues to extend higher. The precious metal broke above the previous wave 1 high, confirming the next leg higher is already in progress.  From wave 2 low, wave ((i)) ended at 1732.84 high. Wave ((ii)) pullback then ended at 1712.52 low as a zigzag Elliott Wave Structure.  From there, the metal resumed higher and ended wave ((iii)) at 1763.53 high.  The pullback in wave ((iv)) is proposed complete at 1746.7 low, but it still needs to break above wave ((iii)) to avoid double correction. Currently, wave ((v)) is in progress. Near term, while pullback stays above 1704.12 low, expect the dips in 3,7, or 11 swings to find support and gold to extend higher.

Gold (XAUUSD) 1 Hour Elliott Wave Chart

Gold 6.23.2020 Asia Update