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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
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