Gold $XAUUSD Short-term Elliott Wave Analysis 8.31.2016

Short term Elliott wave count suggests that rally to 1342.26 ended wave ((x)). Decline from there is unfolding as a double three where wave (w) ended at 1318.2 and wave (x) ended at 1325.52. While near term bounce in wave x stays below 1325.52, expect Gold to turn lower in wave (y) of ((y)) towards 1291 – 1298 area where buyers should be waiting for a 3 wave bounce at least.

2XAU 6020160830213609

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