FX.co ★ Elliott wave analysis of Gold for February 24, 2022

After a minor consolidation just below 1,916 gold has rallied higher and broke the resistance level of 1,916. It is likely to grow higher to the all-time high at 2.050 as the next target. In the longer term, the target for wave 5 is seen at 2,700.

Support is now seen at the former resistance at 1,916 which is expected to act as a floor for a continuation higher towards 2,050.