XAU/USD: Elliott Wave Research And Forecast For August 8-15, 2019

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The pair is beneath correction, nonetheless prone to fall. Estimated pivot level is at a degree of 1516.80.

Major situation: brief positions can be related from corrections under the extent of 1516.80 with a goal of 1412.74 – 1378.45.

Selection situation: breakdown and consolidation above the extent of 1516.80 will permit the pair to proceed the get up to the degrees of 1585.56 – 1650.00.

Research: Supposedly, wave (B) of senior stage continues growing at the weekly period of time, with wave C of (B) forming within. It appears, an ascending impulse is forming because the 3rd wave iii of C at the D1 period of time, with downward correction (iv) of iii growing within. Wave c of (iv) is growing at the H4 period of time. If the presumption is proper, the pair will resume falling to the degrees of 1412.74 – 1378.45. The extent 1516.80 is significant on this situation.

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