As expected, gold is making a strong push to the upside, and this now looks like a fifth wave of an impulsive price structure on the 4-hour time frame, coming from the 2830 area. As we know, after every five-wave move, the market is typically expected to slow down. Ideally, this limited upside could be seen around the 3100 to 3150 Fibonacci resistance zone. If we suddenly see a reversal from this area and a break below the impulsive channel, it would be an early indication that bulls may take a breather.
On the higher-degree time frame, we still believe gold is in the late stages of an extended wave 5 of III that can cause a new, higher degree wave IV correction soon.
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