Gold is trading bullish already for a while and we have been talking a lot about that in the past. By recent China stimulus package, we can see Chinese stocks like Hang Seng Index (HSI) in a massive rally and at the same time Chinese yuan is getting stronger with room for more upside. If we respect a positive correlation with gold, seems like gold is going to stay bullish for some time, we will just have to be aware of pullbacks.

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Gold is accelerating higher in the 4-hour chart on China stimulus, so from Elliott wave perspective it's most likely in wave (3) of an extended wave 5. As long as the price is above 2532 invalidation level, we should be aware of more gains for wave (5) of 5 after wave (4) correction that can retest 2620 - 2600 support area; a perfect zone for next bounce. 

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 For a detailed view and more analysis like this, you may want to watch below our latest recording of a live webinar streamed on September 30 2024:

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