FX.co ★ Elliott wave analysis of Gold for December 7, 2022

After a nice rally to test resistance at 1,799, gold should see a temporary setback to 1,701 before the next attempt to test and likely break above resistance at 1,799, this time for a continuation higher towards 1,912. Ultimately, the price will make a firm test of the all-time high at 2,075. This resistance is likely to reject the first attempt to break above it. However, after a corrective setback, the next attempt should prove successful for a continuation towards 2,400 and ultimately towards the long-term target at 2,700.