Gold:
Daily Gold Chart:
https://captainewave.com/wp-co…2018/05/ewmay1418gold.png
Short Term Update:
Gold was higher in Friday's day session reaching a high of 1326.30. In the overnight session gold was lower reaching a low of 1318.00.
We continue to rally in a small wave !iv! correction as shown Daily Gold Chart, and a case can now be made that it is complete at the 1326.30 high. We have now reached our 38.2% retracement level.
Once wave !iv! ends we expect one more drop in wave !v! to complete all of wave $c$ and ^ii^. On the Intraday Chart the rally from 1302.30 to the current high of 1326.30 does looks corrective, so we are still assuming that wave !iv! is still underway, and that our expected wave ^iii^ rally has NOT started yet.
Our retracement levels for all of wave !iv! are:
23.6% = 1315.70;
38.2% = 1324.00.
We will updates our projections for wave !v!, when we are sure that all or wave !iv! is complete.
Our 50 to 61.8% retracement zone for all of wave ^ii^ is:
50% = 1301.90;
61.8% = 1286.90
Grüße