FX.co ★ Elliott wave analysis of Gold for February 22, 2022

Gold continues to rise higher after the break out of the symmetrical triangle which has confirmed that wave 5 higher towards 2,700 is in motion. Gold is currently facing resistance near 1,916, which could hold back the rally for a short time. It should just be a matter of time before gold breaks through this resistance for a continuation higher to 2,000 and ultimately a rally higher to 2,700 as the long-term target.

In the short term, we see support at 1,886 which ideally should act as a floor for the next impulsive rally above 1.916.