FX.co ★ Elliott wave analysis of Gold for March 16, 2022

With the break below support at 1,958 gold extended it decline to a low of 1,909 or just below our expected 1,915 target. This should ideally complete wave 4/ and set the stage for the next impulsive rally in wave 5/ towards strong resistance at former all-time high at 2,074 and once this resistance gives away a continuation higher to 2,400 and ultimately towards our long-term target at 2,700 remains expected.

Short-term a break above 1,936 and more importantly a break above resistance at 1,990 will confirm that wave 5/ is in motion.