FX.co ★ Elliott wave analysis of Gold for August 1, 2022

After testing support near 1,677 gold was rejected firmly and is about to test the resistance line from 2,070 and a break above here will confirm that wave C of 4 has completed and wave 5 higher towards 2,700 is in motion.

A break above the resistance line near 1,775 will be a strong indication that wave 4 has been completed, but to have confirmation, we need a break above the high of wave 4 at 1,879. Short-term support is seen at 1,732 and important support at 1,711.