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10.08.202207:04 Forex Analysis & Reviews: Elliott wave analysis of Gold for August 10, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 10.08.2022 analysis

Gold has clearly broken above the resistance line from 2,070. We expect gold to continue higher to at least 1,820 and possibly even closer to resistance in the 1,861 - 1,879 area. Afterwards, a more substantial correction will unfold towards 1,754 and maybe even closer to solid support near 1,721. However, in the longer term, we are looking for gold to continue higher towards the all-time high near 2,070. Ultimately, the metal could break above here too for a move towards 2,700.

Torben Melsted
Analytical expert of InstaForex
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