FX.co ★ Elliott wave analysis of Gold for January 31, 2022

Gold is now testing support at 1,785. A failure to hold this support will change the symmetrical triangle slightly and call for a continuation lower to 1,729 before completing wave E and 4 and the symmetrical triangle and tune prices higher again in wave 5 towards the long-term target at 2,700.

So keep an eye on support at 1,785 and check whether it will be able to act as a floor and we will need a bit more downside before completing wave 4.