FX.co ★ Elliott wave analysis of Gold for May 12, 2021

Gold is now ready to challenge the minor resistance-line from the wave 3 peak at 2,075. A break above this line will confirm the completion of wave 4 and the onset of wave 5 to above the peak of wave 3. The ideal target for wave 5 is seen near 2,705.

We would not be surprised to see the resistance-line near 1,863 be able to cap the upside for the short term. A break above this resistance line is expected for the next impulsive rally higher to 2,075 and 2,705.

Trading recommendation:

Buy glod upon a break above the resistance-line for a rally to 2,075 and above towards 2,705