24.08.202307:29 Forex Analysis & Reviews: Elliott wave analysis of Gold for August 24, 2023

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Gold remains in an uptrend, finally showing signs of a revival in the underlying uptrend after a three-month-long corrective decline. We still need to see gold take out minor resistance at 1,947 to confirm that the corrective decline from 2,079 has been completed and a re-test of the all-time high at 2,079 is unfolding.

Our long-term outlook for an eventual break above 2,079 remains intact. Once a firm break takes place, we should see gold continue higher towards 2,400 and likely closer to 2,700.

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