Forex Analysis & Reviews: Elliott wave analysis of Gold for March 9, 2022

Gold is currently testing the former all-time high at 2,074. It should just be a matter of time before this resistance is broken for a continuation higher towards 2,400 and ultimately higher towards our long-term target at 2,700.

Short-term we need to allow for some consolidation either just below the all-time high or just above the all-time high. If the consolidation takes place just below the all-time high at 2,074, we could see a correction towards 1,971 before the next rally higher towards 2,400 and 2,700.

Analysis are provided by InstaForex