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

Gold remain caught in a corrective decline after the price peaked at 2,075 in mid-August 2020. We expect this correction to be close to completion and are looking for a break above minor resistance at 1,735 as the signal, that the corrective decline finally has come to an end and a new impulsive rally has started. A new uptrend that ultimately will take gold well past the former peak at 2,075 towards 2,400 and likely closer to 2,700.

As long as resistance at 1,735 is able to cap the upside, we could see another stab lower to 1,567 but the potential downside should be pretty limited from here.