Rally from 9.28.2022 low is currently in progress as a 5 waves Elliott Wave impulse structure. Up from 9.28.2022 low, wave (1) ended at 2081.82 and pullback in wave (2) ended at 1810.58. The metal has resumed higher in wave (3). Internal subdivision of wave (3) is unfolding as another impulsive structure in lesser degree. Up from wave (2), wave ((i)) ended at 1941.95 and wave ((ii)) ended at 1931.4. Wave ((iii)) higher ended at 1975.30 and dips in wave ((iv)) ended at 1955.33.
Wave ((v)) higher ended at 1993.42 and this completed wave 1 in higher degree. Down from wave 1, wave ((a)) ended at 1972.90 and rally in wave ((b)) ended at 1985.16. The metal then extends lower in wave ((c)) towards 1965.30 which completed wave 2 in higher degree. The metal then turns higher in wave 3. Up from wave 2, wave ((i)) is expected to end soon, then it should pullback in wave ((ii)) before the metal resumes higher again. Near term, as far as pivot at 1927.85 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Gold (XAU/USD) 60 minutes Elliott Wave chart
Gold Elliott Wave video
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