Wasps, inspired by Nic Berry and Billy Vunipola, were the better team in the first half and at one stage led 23-10.
However, Luke Narraway and Jonny May underpinned an impressive Gloucester rally which saw them lead until Daly's late effort.
With three games remaining, Wasps now have an eight-point lead over bottom club Newcastle, with the sides due to meet in the last match of the season at Adams Park.
Young said: "The game has put three to four years on me. We won it four times and lost it three. We were in a commanding position at 23-10 but then we tried to commit suicide.
"We kicked poorly and allowed them to get their offload game going. I thought the game was up when Nicky Robinson missed those penalties but Elliot's kick was massive for us and gives us a bit of a cushion in the relegation battle."
Robinson had missed with four penalties, so Daly was entrusted with the final match-winning kick.
Young added: "Daly has a problem in that he has a slight niggle with his knee and that's why we can't use him more as a kicker as he wouldn't be able to finish the games. We can only use him if it's really necessary, which it was and in any event the kick was out of Robinson's range."
Gloucester coach Bryan Redpath was disappointed with his side's performance and said: "I'm very frustrated. We don't seem to have the composure and understanding to close out a game, we try to play too much in our 22.
"Certain parts of our game are not good enough and that's about five times this season we have thrown away games in the last five to 10 minutes. We didn't play massively well but should have won the game and it's another one that has slipped away from us."
Gloucester's qualification for next season's Heineken Cup now hangs in the balance.
Redpath added: "Fortunately the four sides in the middle of the table all lost and we have two home games to come, including Newcastle next who will be scrapping for their lives, so it's still all to play for."
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