FX.co ★ Elliott wave analysis of Gold for August 5, 2022

Gold has clearly broken above the resistance line from 2,070 confirming that wave C of 4 has been completed and wave 5 towards 2,700 is in progress. Short-term, we should see gold move closer to 1,820 and maybe even closer to 1,861 before a temporary setback towards 1,739 to be followed by the next strong rally higher.

At no point can a break below 1,681 be allowed under this outlook. We don't expect key support at 1,681 to be broken for many months to come.