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Elliott wave analysis of Gold for May 18, 2021

Gold has now broken above the resistance-line from 2,075 indicating that wave 4 completed with the test of 1,677 in March and wave 5 higher to 2,705 should now be in motion. This final rally higher will of course not be in a straight line, but be careful trying to play wave 5 as the fifth wave often is the most dynamic of the impulsive waves, when we are in the commodity complex.

The first minor target on the way higher is seen at 1,959 and then 2,075 on the way higher towards 2,705.

Support is now seen at 1,675 which we expect will be able to act as a floor for the next strong rally higher in wave 5.

Trading recommendation:

Buy gold near 1,675 for a strong rally in wave 5 towards 2,705.

The material has been provided by InstaForex Company - www.instaforex.com