Long ago a surge in GOLD
price rally stopped in the year 2011 & the point has been designated as a primary wave-5 by all the elliottician. From that level we have seen a correction upto the level of 1045 $. A nice corrective move.Right from that level GOLD
price raised up & currently trading in a all time new highs range. But this rally from the lows 1045$ is looking more corrective than an impulse. As per the current price structure we can assume that GOLD
price is forming an EXPANDED FLAT CORRECTIVE pattern. And currently we are in the last phase of WAVE-B
(circle). The wave-B
(circle) is unfolding in a 3 wave corrective structure as w-x-y
pattern. We are in the last phase wave-y which often takes place as an impulse rally which is discussed in the short term view over GOLD
. The link is attached to this idea for the short term view.