10.08.202207:04 Forex Analysis & Reviews: Elliott wave analysis of Gold for August 10, 2022

Exchange Rates 10.08.2022 analysis

Gold has clearly broken above the resistance line from 2,070. We expect gold to continue higher to at least 1,820 and possibly even closer to resistance in the 1,861 - 1,879 area. Afterwards, a more substantial correction will unfold towards 1,754 and maybe even closer to solid support near 1,721. However, in the longer term, we are looking for gold to continue higher towards the all-time high near 2,070. Ultimately, the metal could break above here too for a move towards 2,700.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
Can't speak right now?
Ask your question in the chat.