Gold: More gains after pullback
Gold pushed higher to the upper side of the triangle this month, and then also broke above the 3450 area, above both waves D and B swing points. This suggests the contracting range since May is finished and we are now in a new bullish phase, likely the fifth wave on the higher time frame chart. We see metal now in the third subwave of this fifth wave, extending even beyond our target of the 161.8% extension near 3600 area. So gold is clearly in an uptrend as long as we trade above 3400, but keep in mind that this higher-degree fifth wave could complete the bull run from the 2023 lows within the next few weeks.
But we are not in that final stage yet, looks like more upside after wave four pullback., First support is at 3579-3600. So after some slow-down, gold is expected to stay up.
Grega
