FX.co ★ Elliott wave analysis of Gold for November 18, 2021

Despite the US dollar being strong, gold has been moving higher indicting underlying strength. We also see gold trying to break above the triangle resistance-line near 1,865. A clear break above here will confirm that the correction in wave 4 finally has come to an end and ave 5 is in motion towards at least 2,334. It may rise to the extension target of 2,702.

Support is seen at 1,834 which we expect will be able to protect the downside for the break above 1,865.