Gold May Slowdown for a Correction: Elliott Wave Analysis

Technical analysis of Forex market

Gold is coming sharply to the upside as a “safe haven” asset based on the latest US-Russia tensions. Higher inflation is also one of the reasons for higher metals.

Technically we see prices are coming up from 1780 in an impulsive fashion after 1854 was broken, but we see gold in a fifth wave now at strong 1900 resistance where we also see some important Fib levels. And RSI divergence may also suggest that bulls may slow down for a correction Important upward resistance area is at 1900.

Gold 4h Elliott Wave analysis