Gold XAU/USD Analysis before FOMC Minutes.

 Major event FOMC Minutes on 17th Aug 2022 

As discussed in a previous analysis, Weekly Update for Gold XAU/USD 13th Aug 2022 

In which A wave has 3 sub-waves as "abc"

B wave has also 3 sub-waves as "abc" Flate correction pattern and this is continually unfolding. B wave may complete near 1805 in next week.

C wave forecast: "C" wave always have five impulse wave as 12345. so we may see "C" wave may end near 1772 as this level also 38.2% Fibonacci of (III) Wave. Let's analyze further....

Gold 15 Min Chart 

As we discussed in the last analysis from 1804 we may see down up to the 1773 and exact low made 1773.ABC Correction may be complete or it may not. If it is developing as complex correction we may see a further one more correction pattern. It is very hard to trade in the 4th wave of the entire Elliott wave. Till the next confirmation, we trade with caution.  

Is 1773 is bottom or we may see one more down leg? I have mentioned in the chart If, Gold breaks the 1784 and starts to move above 1789 then we will consider 1773 as the bottom for a new up rally towards 1821

If 1773 breaks downside, we may see 1765 & we will further count the waves. Price moves below 1765 will force us to count the waves again. 

Tomorrow on the 17th Aug major event at US FED  on Interest Rate. We may see big moves so reduce the position and trade with strict Stoploss.