FX.co ★ Elliott wave analysis of Gold for October 1, 2021

Gold has been under pressure lately as the USD has gained downside momentum, however gold is now facing strong support from the uptrend-line going back to May 2019. We think this support-line will be able to protect the downside for the next push higher through resistance at 1,834 confirm that a new impulsive rally is unfolding and ultimately new all-time high should be seen.

That said a break below the support-line will question our bullish stand, but only a break below key-support at 1,687 will indicate that wave 4 hasn't completed and an even more complex correction is unfolding and we will have to adopt to that scenario.