Gold rallied towards the upper side of a downward channel where break can occur in September as rally from the low is having characteristics of an impulsive price action. If that’s the case then ending diagonal is completed which means that metal is turning bullish, but for final confirmation of a turning point and big uptrend we need to see broken red trendline resistance as well as 1306 swing. However, from a minimum expectations we see 1230 in play for weeks ahead.
GOLD Daily Elliott Wave Analysis
On 4h chart Gold is making a deep retracement, but it can be still wave 4 within impulsive recovery. However, we would love to see sharp rally through 1148, ideally with a daily close above it, to confirm higher prices for wave 5. In the meantime keep an eye on 1104 as break of this level will put price into bearish mode. Beneath that price will look for a decline back to 1070.
GOLD 4h Elliott Wave Analysis