Eighteen days ago, on 1 February 2019, when Gold topped at 1,331 I warned that we should get another rally to a new higher high after a brief pullback:
” we may get a shallow pullback holding over the previous corrective wave iv down and then make another higher high up to 1,347″.
On 4 February 2019 I predicted that the pullback would stay within the raising channel and posted the chart below:
Since then neither my count no my expectations have changed. As you can see below, gold found support at 1,307, right at the lower trendline of the bullish upward sloped channel on 14 February 2019. At this point the most important question is where gold may top in that wave c of v of ( iii ) because we should see a corrective move down in wave ( iv ) which may bring price back down under $1,300 (the green target box on the chart below). My red target box for the wave ( iii ) is located in between 1,355 and 1,367. However, metals can overextend in wave ( iii ). Frankly, I would not even try to short it lower than $1,373 which is a not a good confluence of fibs and by the way is not that crazy overextended target for this move up!
This is a great example how Harmonic Elliott Wave is a robust prediction tool. You can predict main turning points weeks ahead. You do not even need to update your charts. Price simply keeps following the your path!