Gold has broken out of the ending diagonal (click on the chart pinned) and it has made an up impulse. It is in correction which might have finished as an abc expanding flat, so this impulse up could be the start of the next daily impulse.
We are in buys on the 4 hr but expect a correction to come soon which would confirm the up trend.
Trade with care.
Thank you for your support.
Seems like gold is making a higher degree correction as expected, nothing new under the sun.
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Thank you, Anil, great analysis! Personally, I suppose that this last up move from 1200 is the wave 5 of wave 1 (or A), and we know that in gold wave 5 is often extended and the largest in the whole impulse. So, it easily can rocket to the sky, isn't it? :)
Normally, expanding triangle is the wave 4 of 5, in this case, wave 4 ended at 1200, 38% of wave 3. The wave in progress is the wave 5 of corrective wave A. 1289 meets the minimum requirement for short wave 5. But I'm happy to see if the wave 5 extends up to 1330.
I guess, if there is no US rate hike today, the bull move of gold will continue and 1315 (50% extension of start to the end of wave 3 in my chart analysis) is the initial resistance. 1270 could be the supportthe support.