FX.co ★ Elliott wave analysis of Gold for October 30, 2023

Gold is ready to test long-term key resistance at 2,075. A break above here will call for a strong rally in gold towards at least 2,400 and more likely, closer to 2,700. If a rapid rally is seen, then the peak of the next rally could be a lot higher.

However, for now, we are focused on the key resistance at 2,075 and whether it breaks or is able to reject the test again. The odds favor a break above the key resistance this time...