GOLD – Local upward impulse to continue – December 8th, 2020

A double zigzag in a position of wave ((a)) or ((w)) has been finished. It seems like there’s a developing upwards impulse, which supposed to be wave (a). If correct, the market should continue unfolding possible wave (a).

Broadly, a large third-wave rally is over, so a fourth-wave correction is taking place. In this case, we should keep an eye on the 0.382 retracement level of wave 3 (1725.70) as a potential target for wave 4. If a pullback from this level happens next, there’ll be a moment for wave 5 of (C) to begin.

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