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FX.co ★ Elliott wave analysis of Gold for September 6, 2022

Elliott wave analysis of Gold for September 6, 2022

Elliott wave analysis of Gold for September 6, 2022

Our preferred count shows that wave C of 4 completed with the test of 1,680.75 in mid-July 2021 and a new impulsive rally in a wave towards 2,400 and likely even closer to 2,700 is unfolding. For this count to remain as our preferred count, the mid-July 2021 low at 1,680.75 must stay untouched for a break above minor resistance at 1,765 which calls for a continuation higher towards 1,808. A break above here confirms that wave C of 4 indeed has been completed and wave 5 is unfolding towards 2,400 and ideally closer to 2,700.

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