Elliott Wave Analysis: GOLD Is Trading In 5th Wave

Hello traders and investors!

Today we will talk about gold, its price action from technical point of view and wave structure from Elliott Wave perspective.

Gold is coming sharply to the upside as a "safe haven" asset based on the latest US-Russia tensions. Higher inflation is also one of the reasons for higher metals. We see gold breaking out of wave (IV) triangle pattern, so we see this as a break towards new ATH. In the short-term however we should be aware of some pullbacks, but generally speaking, gold may stay up until it hits new ATH and fully completes final wave (V). Later then we will have to be aware of a higher degree corrective slow down.

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