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Short

Elliott wave analysis on Gold (2016-08-07)

FX:XAUUSD   Gold/U.S. Dollar
4 months ago
Gold             had a nice rebounding wave B in last couple of days which we traded (see chart below). Then it got a sharp decline last Friday.
Pay attention to the rising channel support
From elliott wave anslysis the wave C down is ongoing now. It might bring gold             to around 1280 which is the bottom of a large rising channel and PRZ of a Gartley pattern .

Good luck for everyone!
4 months ago
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