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Elliott Wave Analysis: Gold Stuck In A Double Zig-Zag

Elliott Wave Analysis: Gold Stuck In A Double Zig-Zag

Gold fell quite nicely last week into a possible corrective set-back in wave 2), which we labeled as an unfolding double zig-zag. As we can see, the price now has six legs to the downside from the high, with last leg C) still missing. Ideally final leg C) within falling price action will bounce from around 1300/05 area and rise back above 1358 which will open door for 1375 and then even towards 1400 psychological level.

GOLD, 4H

XAU/USD 4 Hourly Chart

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