FX.co ★ Elliott wave analysis of Gold for March 2, 2022

Gold has now closed nicely above key resistance at 1,916.50 confirming that the impulsive rally in wave 5 now is well under way towards 2,050 and ultimately towards the long-term target at 2,700. We will soon start to hear a target like 5,000 and likely even closer to 10,000. It's possibly that we will see targets near 5,000 hit, but it will require a runaway rally in wave 5. We can't be sure what's going to happen. So be optimistic, but don't get carried away.

The minor hurdle to overcome is resistance at 1,974.