FX.co ★ Elliott wave analysis of Gold for March 17, 2022

Gold needed a second dip to just below 1,909 (the low was seen at 1,895) to complete wave 4/ and we should now see a strong rally in wave 5/ of 5. For the commodity complex we often see a run-away rally in wave 5.

The first target we will be looking for is the former all-time high at 2,074 and once this resistance gives away a continuation higher towards 2,400 and 2,700 should be expected.

The low at 1,895 should now be able to protect the downside as wave 5/ progresses in the weeks ahead.