Image Source: Gold is trading strongly bullish, ideally unfolding a five-wave bullish impulsive cycle of different degrees.
It has turned lower in the last month or so, which has been expected as we saw market in fifth wave of an extneded wave 3 after breaking to new ATH. Well, what we see now is a new, higher degree corrective pause, ideally a higher degree wave 4, which can come to an end in the near future. We see nice support at 2280-2250 area.(Click on image to enlarge)
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Gold Has An Unfinished Five-Wave Impulse
