FX.co ★ Elliott wave analysis of Gold for May 20, 2021

Gold has now seen two daily closes above the resistance-line from 2,075 indicating a firm break and a continuation higher to first resistance at 1,959. We expect it will be broken too for more upside pressure to the former peak at 2,075 and ultimately above here too for growth to the long-term target seen at 2,705.

In the short term, we can see a bit more hesitation in the gold rally, but it should just be a matter of time before gold head higher to 1,959 and above.

Trading recommendation:

Buy gold for the next rally towards 1,959 and ultimately higher towards 2,075 and above here too.