Elliott wave analysis of Gold for November 8, 2021

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Gold is ready to challenge short-term resistance at 1,834. A break above this level will be a strong indication that the triangle consolidation indeed did complete with the test of 1,687 in late August and a new impulsive rally in wave 5 is developing.

The target level for wave 5 is seen at 2,344. Yet, within the commodity complex, fifth waves often become extended. So, we could see wave 5 move a lot higher with the first extension target seen near 2,700.

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

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