FX.co ★ Elliott wave analysis of Gold for February 8, 2022

Gold seems to have respected the triangle support-line near 1,780 and we are again looking for a possible break-through of the resistance-line near 1,848 and more importantly a break above resistance at 1,877 that will confirm the completion of the symmetrical triangle for a rally towards 2,700 in wave 5.

That said, we also need to remember, that as long as the resistance-line near 1,848 is able to cap the upside, a final dip closer to 1,729 can't be excluded. It's not our preferred scenario, but one we can't rule out yet.