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XAUUSD (Gold) 4hr tf analysis:Patience required

The price swing in XAUUSD (Gold) from ~$1310.23 on March 20,2018 to a close of ~$1358.21 on April 11,2018 is identified in this analysis as a 3 wave move (corrective) with the possibility of a Minor wave degree (wave A) terminating on April 11,2018. This Minor wave is part of a combination (WXY) Elliott wave structure that commenced on January 25, 2018.

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If this is indeed the case that Minor wave A is complete, XAUUSD is currently in a Minor wave B which can be very difficult to deal with as it is a reactionary wave and therefore can change its shape at anytime and without notice. The best thing to do in this case is to stay away and wait for further development in price action.

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