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FX.co ★ Elliott wave analysis of Gold for August 5, 2022

Elliott wave analysis of Gold for August 5, 2022

Elliott wave analysis of Gold for August 5, 2022

Gold has clearly broken above the resistance line from 2,070 confirming that wave C of 4 has been completed and wave 5 towards 2,700 is in progress. Short-term, we should see gold move closer to 1,820 and maybe even closer to 1,861 before a temporary setback towards 1,739 to be followed by the next strong rally higher.

At no point can a break below 1,681 be allowed under this outlook. We don't expect key support at 1,681 to be broken for many months to come.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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