XAUUSD: Elliott wave evaluation and forecast for 29.07.2022 – 05.08.2022

XAUUSD: Elliott wave evaluation and forecast for 29.07.2022 – 05.08.2022

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Fundamental state of affairs: contemplate brief positions from corrections beneath the extent of 1790.54 with a goal of 1650.00 – 1603.30.

Different state of affairs: breakout and consolidation above the extent of 1790.54 will enable the pair to proceed rising to the degrees of 1879.10 – 1997.97.

Evaluation: a bearish correction continues creating because the fourth wave of bigger diploma (4) on the every day chart, with wave C of (4) forming inside. The fifth wave v of С seems to be forming on the H4 chart, with the third wave of smaller diploma (iii) of v accomplished as its half. An area correction is presumably nearing completion on the H1 chart as wave (iv) of v, with wave c of (iv) forming as its half. Upon its completion, if the presumption is appropriate, the pair will proceed falling to the degrees of 1650.00 – 1603.30. The extent of 1790.54 is crucial on this state of affairs as a breakout will allow the pair to proceed rising to the degrees of 1879.10 – 1997.97.



Value chart of XAUUSD in actual time mode

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