Comment:

         we observe that gold has rallied to 1920$ in 2009 finshing 5 impulse waves (Grand Super Cycle) and now the gold is in its corrective wave W/A which has unfolded into complex three wave structure called  triple threes where waves W,X,Y,X are finished and wave Z  is developing as very rare type of an ending diagonal (expanding)  to complete Wave W/A in one larger Degree.

Comment:

       we can infer from the chart data that the wave W (circled) has been completed @1043 levels and it edged from there by taking aid from the static support. The retracement ratio of 23.6 has been catched up and it act as a potential barrier for the current uptrend.

 

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GOLD (XAU/USD) MONTHLY FORECAST

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