After the 1240 low it seems that Gold (XAU USD) has already completed the first Impulse and is currently in a Flat Correction to complete the Wave 2.
This pattern is to be analyzed closely as after the completion of Wave 2 there will be a very good trading opportunity, given that this count plays out as expected.
Gold (XAU USD) possible up progression (Elliott Wave Analysis) 23rd June 2017
A break directly above the R1 level from here will mean that the Wave 2 completed where I have marked as Wave a of 2 however that is less likely.
I will update further as this market progresses.
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