FX.co ★ Elliott wave analysis of Gold for May 20, 2022

Gold has dipped into the support zone between 1,751 - 1,824 and could have completed the correction in wave (ii) and started the next impulsive rally higher towards the all-time high at 2,070 for a continuation towards 2,400 and ultimately 2,700.

That said, we need to see a break above minor resistance at 1,859 to confirm that a corrective low is in place. As long as minor resistance at 1,859 is able to cap the upside as long can a final dip closer to support at 1,751 not be excluded, but the odds for that outcome are decreasing.