CastAway Trader
CastAway Trader Predict the Next Market Move

We should consider two micro scenarios here.
The first one (shown below) has enough micro waves to consider the gold having topped in the strongest part of the rally, wave ( iii ) up.

Gold - 120 min chart updated at 10-40 PM on 8-05-2020

However, I can see how Gold may push even higher one more time after a shallow pullback in a micro wave -iv- down ( see the chart below).

Under any of those scenarios gold is expected to test the previous micro low at 2,031 – 2,027.50.
If that level holds then gold has potential for that one more push higher. If Gold decisively drops under that level that would confirm that wave ( iii ) has topped and a corrective wave ( iv )  down is underway.

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