Image Source: Unsplash
 

Gold continues to trade to the upside, but there is a chance that we are in the late stages of the current fifth wave, which emerged from the larger fourth-wave triangle completed at the end of July. This suggests bulls may start slowing down. So far, price has reached 4k area, so there can be some new retracement in the days ahead, and it can be just another fourth wave as well, if the drop will be in three legs, rather than five. 

Looking at the 4h chart, keep in mind we are moving into extremes with black wave five, which can complete the higher-degree red wave three later this year.
 

XAUUSD(gold) Daily Chart
 

On a higher degree time frame, we see gold trading in big wave V but with still incomplete impulsive substructure.
 

XAUUSD(gold) Monthly Chart 
 

Notice that USDCNH pair is turning lower after a completed larger diagonal on the monthly basis, and always when USDCNH is down, gold usually extends the rally. If we consider that USDCNH has still space for lower levels down to 6 area, gold can easily stay in the bullish mode.
 

USDCNH vs. XAUUSD(gold) Monthly Chart
 

On a daily chart, USDCNH dropped by a five-wave impulse, so after the current abc corrective setback, which may cause some corrective slowdown on gold, we should be aware of a continuation lower, which can be easily supportive for the yellow metal.
 

USDCNH Daily Chart

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