Elliott Wave Intraday: Gold (XAUUSD) Breaks to New All-Time High

17 Jul

Gold (XAUUSD) has made a new all-time high which confirms the right side remains bullish in the near future. Cycle from 6.7.2024 low is currently in progress as a 5 waves impulse. Up from 6.7.2024 low, wave 1 ended at 2368.74 and pullback in wave 2 ended at 2293.46. Up from there, wave (i) ended at 2339.79 and dips in wave (ii) ended at 2318.10. Wave (iii) higher ended at 2368.06 and pullback in wave (iv) ended at 2347.79. Wave (v) higher ended at 2392.91 which completed wave ((i)) in higher degree as 1 hour chart below shows. Pullback in wave ((ii)) unfolded as a zigzag where wave (a) ended at 2350.7 and wave (b) ended at 2371.49. Wave (c) lower ended at 2349.1 which completed wave ((ii)) in higher degree.

The metal has extended higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 2424.55 and pullback in wave (ii) ended at 2390.95. Expect the metal to extend higher two more times to end wave v of (iii), then it should pullback in wave (iv) to correct cycle from 7.12.2024 low before turning higher again in wave (v) of ((iii)). Near term, as far as pivot at 2390.95 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.