I was expecting a rally, but not quite as tall as what is happening. We do have a very vertical move which can fit into a "C" wave very well. I still think there is a bit more upside, but I sure do not want this wave count to break out to a newer high at this time.
Back at the start of the April bull run, I counted out 7 waves which I have labeled. 7 waves are corrective wave counts and that group of waves must still get retraced. I give no time limit in which this can happen as we can also be traveling up an "E" wave of a triangle. (4th wave rally)
The US dollar has headed further south as well, but US dollar counter rally corrections can always kick the enthusiasm out of the gold market.