FX.co ★ Elliott wave analysis of Gold for March 21, 2022

Gold has seen a small three wave correction to 1,917.70 and now is ready for the next impulsive rally towards 1,975 and 2,000 as the next hurdles before the all-time high at 2,074. However, these target should only be temporary stopping points as the long-term picture continues to call for a rally to 2,400 and ultimately a move closer to 2,700 before a long-term likely is in place.

That said, fifth wave are often run-aways moves in the commodity complex, so the final rally in wave 5 could be much larger and much more aggressive, but only time will tell.