Gold technical analysis 8/7/2023

Analysis: As the 4th wave (4) develops and the 5th wave (5) is forming, the daily chart may see a further downward correction. Clearly, the first wave of (5) has formed and the H4 chart completes the bearish correction as the second wave of (5) 2. Probably the 3rd wave 3 of (5) is underway. The first reverse trend wave of 3 with minor frequency i develops on the first half chart and forms wave (iii) of i as part of it. A local fix will probably be completed as wave (iv) of i. If this assumption is correct, the pair will continue to rise to levels between 2022.28 and 2059.86. The 1903.00 level is crucial in this scenario and a breakout could lead to further drops to the 1870.00-1836.74 levels.

BUY XAUUSD 1942 - 1940 🔥🔥
SL ❌ 1936
TP1 ✔️ 1945
TP2 ✔️ 1950

Komen:

BUY XAUUSD 1936 - 1934 🔥🔥
SL ❌ 1930
TP1 ✔️ 1945
TP2 ✔️ 1950

Komen:

+20 Pips ✔️✔️✔️