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Elliott wave analysis of Gold for November 1, 2021


We continue to look for a break above minor resistance at 1,843 as confirmation that the triangle consolidation has completed. This triangle has dominated the picture since Gold peaked at 1,703 in March 2020. Once gold breaks out of this triangle consolidation, we should expect a thrust higher towards the 2,344 target and possible much higher than that, but as always we need to take it in baby steps.

So our first request is a break above 1,843 that will be a strong indication that the triangle has completed.

The material has been provided by InstaForex Company -