Elliott Wave View: Gold Looking to break 2018 High

The rally from Aug 16, 2018 low is still in progress as an Elliott Wave Impulse structure. We propose the current rally is still within wave (3) from Aug 16, 2018 low as momentum remains strong. Focusing on the shorter cycle, the rally from 1/21/2019 low ($1276.40) is unfolding in 5 waves of lesser degree. Wave ((i)) ended at $1326.30 and wave ((ii)) ended at $1302.16. Wave ((iii)) remains in progress and while short term pullback stays above $1302.11, expect Gold still to extend higher. Caution is warranted once Gold does retest $1360 as this level provides resistance in the past 5 years. We expect the 5 waves up from Aug 16, 2018 low to end between $1360 – $1400. Near-term it can soon end the 5 waves up from 02/14 low. After ending the 5 waves up we expect a pullback to occur in the sequences of 3-7 or 11 swings against 1302.11 low and as long as the pivot at 1302.11 low stays intact, we expect it to extend higher later on.