FX.co ★ Elliott wave analysis of Gold for August 4, 2022

Gold is currently testing the resistance line from 2,070. A clear break above here will confirm that waves C and 4 indeed completed with the test of 1,681. A new impulsive rally is in the making before a rally towards the former high at 2,070 and ultimately for a break above here too so that the price will head towards our long-term target at 2,700.

Support is currently seen at 1,733 and more importantly at 1,681 that is expected to stay unbroken for the months ahead.