FX.co ★ Elliott wave analysis of Gold for August 30, 2022

Gold has now corrected 61.8% of wave 1. What we expect is a new impulsive uptrend to 2,070. Eventually, we project a rise above the former all-time high level for a rally towards 2,400 and our long-term target at 2,700. To confirm that wave 2 has been completed, we need to see a break above minor resistance at 1,766 that will call for a rally towards at least 1,904 and likely even closer to resistance at 1,948 in wave 3.

If our count is correct, then wave 2 is viewed as an expanded flat correction, which means that wave 3 indicates an extended impulsive rally. Only an unexpected break below the low of wave 1 at 1,720 will invalidate our bullish count for gold.