Gold May Correct

Published 02/18/2022, 05:56 AM
Updated 07/09/2023, 06:31 AM

Gold has surged thanks to the latest US-Russia tensions. Higher inflation is also one of the reasons for its rise.

Technically, we see prices coming up from $1780 in an impulsive fashion after $1854 was broken, but we see gold in a fifth wave now at a strong resistance near $1900 where we also see some important Fib levels.

RSI divergence suggests that bulls may slow down for a correction. An important upward resistance area is at $1900.

Gold Elliott Wave analysis 4-hour chart.

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