FX.co ★ Elliott wave analysis of Gold for April 7, 2022

Gold is in a position where it could start to move higher anytime now. We will need a break above minor resistance at 1,966 to confirm a bottom is place and a new impulsive rally towards the former peak at 2,074 and ultimately through here too for a continuation higher towards 2,400 and 2,700 should be expected once gold starts to fly.

As long as minor resistance at 10,966 is able to act as a cap, we could see gold spike a bit below support at 1,890, but we don't think the odds for a spike like that is great.