Gold - too early to look for a top of this rally

Gold has been nicely following the Five Wave up fractal off the low made at 1,191.60 made on August 16, 2018. It is currently moving in the strongest part of the rally, wave ( c ) of ( iii ) up. This is when price moves up without big pullbacks and slope of ascent looks almost vertical. Gold might have completed subwave c of iii inside wave ( c ) of ( iii ) and may give us a nice entry on a pullback that could push price to 1,404 – 1,387. The next rally in wave v of ( c ) of ( iii ) should target at least 1,500.

Gold - daily chart updated on 6/26/2019

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