XAUUSD: Elliott wave evaluation and forecast for 26.08.2022 – 02.09.2022

XAUUSD: Elliott wave evaluation and forecast for 26.08.2022 – 02.09.2022

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Essential state of affairs: think about lengthy positions from corrections above the extent of 1727.18 with a goal of 1879.10 – 1997.97.

Different state of affairs: breakout and consolidation beneath the extent of 1727.18 will enable the pair to proceed declining to the degrees of 1680.58 – 1650.00.

Evaluation: a descending correction seems to have fashioned because the fourth wave (4) of bigger diploma on the every day chart, with wave С of (4) accomplished inside. The fifth wave (5) seems to be forming on the H4 chart, with the primary counter-trend wave of smaller diploma i of 1 of (5) accomplished as its half. A neighborhood correction is presumably accomplished on the H1 chart because the second wave ii of 1, and the third wave iii of 1 of (5) has began creating. If the presumption is right, the pair will proceed to rise to the degrees of 1879.10 – 1997.97. The extent of 1727.18 is crucial on this state of affairs as its breakout will allow the pair to proceed falling to the degrees of 1680.58 – 1650.00.



Worth chart of XAUUSD in actual time mode

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