CastAway Trader
CastAway Trader Predict the Next Market Move

Gold looks having topped in wave ( iii ) up

Gold has been nicely following the classic Five Wave up fractal starting off a major low made in August 2018. Here gold has topped into a strong confluence of extensions of wave ( i ) and and wave ( a ) of ( iii ). In addition, it has perfectly played out a complete micro structure of wave ( c ) of ( iii ). I would expect a pullback to at least 1,376.4 or even 1,357.5 in wave ( iv ) down before another rally in wave ( v ) up that would make a new higher high for 2019.

GC - 240 min chart updated on 7/22/2019