Elliott Wave Analysis of Gold - Wave 4 likely complete at 1,677
Gold has been in a descending correction since the 2,075 peak in early August 2020. I count this decline as a wave 4 correction, which means we still have wave 5 higher to come.
In my view wave 4 completed with the test of 1,677 and wave 5 is now developing and should ultimately break clearly above the former peak at 2,075. The cycles also confirms that a important low should be in place and the upside will be the dominating in the weeks/months to come.
In the commodity universe wave 5 extends and becomes equal in length to the start of wave 1 to the peak of wave 3 which gives us a target at 2,704, but we could easily see wave 5 extend well beyond that target towards the 161.8% extension target at 3,339.
Short-term, I would like to see resistance at 1,765 break as a solid indication that wave 4 now is complete and wave 5 is developing.
Remember the trend and patience are your friends
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