Short term Elliott Wave view in Gold (XAU/USD) suggests that cycle from the 4/10 low (1246.92) is unfolding as an impulse Elliott wave structure where Minute wave (i) ended at 1257.2, Minute wave (ii) ended at 1250.8, Minute wave (iii) ended at 1279.75, Minute wave (iv) ended at 1271.69 and Minute wave (v) of (a) is in progress towards 1291.99 – 1296.84 area before cycle from 4/10 ends and the yellow metal sees a correction in Minute wave (b). We don’t like selling the proposed pullback and expect buyers to appear again once Minute wave (b) is over in 3, 7, or 11 swings provided that the pivot at the 4/10 low (1246.92) remains intact.

Gold 1 hour Elliott Wave Chart 04/13.2017