Gold is still trading higher since the start of the week. And when looking at the most recent drop toward the 4658 area, it appears to have been a three wave retracement, a corrective move right into the 61.8% level. The current rebound, although small, looks impulsive and is now trying to break out of the corrective channel. This suggests there is still a good chance that gold could retest the 5100 area. But keep in mind that the move up from the February lows can still be a countertrend corrective rally, and the broader correction from the all time highs is most likely not finished yet.
You can enjoy analysis like this on daily basis for Forex, Stocks, Commodities and Crypto right here – https://wavetraders.com/elliott-wave-plans/
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.