FX.co ★ Elliott wave analysis of Gold for August 24, 2023

Gold remains in an uptrend, finally showing signs of a revival in the underlying uptrend after a three-month-long corrective decline. We still need to see gold take out minor resistance at 1,947 to confirm that the corrective decline from 2,079 has been completed and a re-test of the all-time high at 2,079 is unfolding.

Our long-term outlook for an eventual break above 2,079 remains intact. Once a firm break takes place, we should see gold continue higher towards 2,400 and likely closer to 2,700.