Gold moved to new ATH as expected after price action from the last two months looked corrective. It was the fourth wave, ideally a triangle so that it pushed higher, up to 2480. {chart} It was the fifth wave of an extended III, which was now already done because of a sharp turn south last week. It looks like an intraday impulsive bearish reversal, so more weakness can be coming, ideally south for a new higher degree wave IV. {chart}In such a case, we will be tracking an A-B-C decline back to the 2300-2340 area. (full story)