FX.co ★ Elliott wave analysis of Gold for January 20, 2022

Gold is showing signs of an upward movement after having spent 6 months inside a symmetrical triangle. We are looking for a break above the triangle resistance line near 1,860 and more importantly, a break above resistance at 1,877. It will be a confirmation that the triangle consolidation has been completed and wave 5 is likely to rise to 2,704.

Currently, silver is climbing higher. Its further movements could help us predict the trajectory of gold.