Elliott Wave Analysis: Intraday View On GOLD

On the 1H chart of GOLD we are observing a five wave impulse from July lows taking place, with price now trading in a possible correction in black wave 4. That said we know that after every five wave movement a minimum three wave contra-trend action follows, meaning a little more weakness could come in play. Ideally GOLD will find support around the 38.20 Fibonacci ratio and continue higher.

Invalidation level is at 1333- as long as it holds we are looking bullish.

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