FX.co ★ Elliott wave analysis of Gold for May 15, 2023

Our long-term count for gold calls for more upside progress in the weeks/months ahead. A firm break above resistance at 2,074 will call for a continuation higher towards at least 2,400 and likely closer to 2,700 before a possible peak.

In the short term, we need to allow for gold to consolidate the latest rally, but we think that support near 1,939 will act as a firm floor for the next attack on key resistance at 2,074 for a possible break and upside acceleration towards 2,400 and higher.