FX.co ★ Elliott wave analysis of Gold for January 26, 2022

Gold is testing the symmetrical triangle resistance-line and a break above here and more importantly a break above 1,877 will confirm that wave 4 has completed and wave 5 towards 2,700 is in motion. As long as the triangle resistance-line is able to cap the upside we could see gold move a little lower to 1,812, but the downside should be limited and it should just be a matter of time before resistance at 1,877 is conquered and the rally towards 2,700 is in motion.