FX.co ★ Elliott wave analysis of Gold for November 8, 2022

Gold is again showing signs of life. A break above the resistance line at 1,664 calls for a firm test of resistance at 1,735. A break above here will finally confirm that the correction from August 2020 finally has been completed and a new impulsive rally towards 2,400 and most likely closer to 2,700 is unfolding.

That said, we have been disappointed several times and a failure to break clearly above resistance at 1,735 will keep the correction from August 2020 firmly alive with the risk of a re-test of the 1,612 low and maybe even closer to 1,567 before the corrective decline finally comes to an end.