Gold probably has a final spike to the upside before the bull trend ends.

The most recent weakness counts best as a fourth wave of minute degree. The upside trend remains intact as long no sustained break below 1,860 occurs. Nonetheless, the trend is mature and probably ends after one more push up. Minor wave 5 will probably target the 2,125-2,175 cluster on diminishing momentum into the end of 2020. An incomplete pattern and strong momentum into August are strong hints that there is some residual buying demand.

The paramount picture remains unchanged: Extreme sentiment and positioning combined with a double zigzag off the 2015 imply that gold is within a corrective Elliott wave pattern despite climbing to all-time highs. It could be an irregular flat or a complex sideways structure. Investors are most likely correct about their intuition for buying the precious metal. However, they will probably have to stomach some steep mark to market losses until their bet eventually proves correct.

Gold remains bullish from a short-term swing trading perspective and bearish from a mid-term position trading perspective.