FX.co ★ Elliott wave analysis of Gold for March 9, 2021

Gold is now testing triple support near 1,685 and we are looking for a corrective low in wave 4 and renewed upside pressure as wave 5 takes over. The next impulsive rally in wave 5 should take gold way above the former peak at 2,075 and see a minimum of 2,729 but it's worth to remember that fifth waves in commodities often extents indicating a much larger rally in wave 5.

Short-term a break above minor resistance at 1,715 will indicate that the corrective decline in wave 4 has completed and wave 5 is in motion. While a break above resistance at 1,816 will confirm wave 5 is in motion.

Trading recommendation:

Buy a break above 1,715 and place your stop just below the low-point of wave 4