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07.12.202207:19 Forex Analysis & Reviews: Elliott wave analysis of Gold for December 7, 2022

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After a nice rally to test resistance at 1,799, gold should see a temporary setback to 1,701 before the next attempt to test and likely break above resistance at 1,799, this time for a continuation higher towards 1,912. Ultimately, the price will make a firm test of the all-time high at 2,075. This resistance is likely to reject the first attempt to break above it. However, after a corrective setback, the next attempt should prove successful for a continuation towards 2,400 and ultimately towards the long-term target at 2,700.

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