FX.co ★ Elliott wave analysis of Gold for November 1, 2023

Gold saw a monthly key reversal in October confirming that a firm test of resistance at 2,075 should be seen soon. We could see the all-time high reject the first attempt to break above 2,075, but it should just be a matter of time before gold breaks above resistance at 2,075 for a continuation towards at least 2,400 and possibly higher towards 2,700. A blow-off rally could push gold much higher, but only time will tell.

Support is seen near 1,921 which ideally will act as a floor for the expected test of 2,075.