We talked about gold on March 28, where we mentioned and highlighted that it’s finishing wave 5 of extended wave III based on Elliott wave analysis. CLICK HERE
We warned about a potential reversal on gold, as we were able to count five waves up from the February lows. What we see now is a very strong and decisive break out of the upward channel, confirming that the impulse up in red wave 5 cycle is completed. This means the metal is now entering a higher-degree correction, which is certainly possible since bulls stopped at a very important FIB level on the daily chart, where we also see a potential completion of an extended black wave three based on the Elliott wave structure model on a daily TF.
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