FX.co ★ Elliott wave analysis of Gold for April 12, 2022

We continue to look for a clear break above minor resistance at 1,966 that will open for a continuation higher to the former peak at 2,072 on the way higher to our long-term targets at 2,400 and 2,700. Ideally minor support at 1,950 will be able to protect the downside for the expected break above resistance at 1,966. However it will take a break below support at 1,915 to shift the tide for more downside pressure towards 1,890or maybe even closer to 1,877, but the downside should continue to be limited.