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The Elliott Wave count has now extended and now the move higher has moved into subdivided waves, as FXStreet’s analyst Rajan Dhall notes.

Key quotes

“Call me a cynic but this could be the very reason gold is hitting the sky. The credibility of the US government and the central bank is being tested day after day. From the reactions to journalist questions to the stories of company bailouts, it feels like there is some pain left to come.”

“The price is now in its wave 3 phase but the wave is long and now becoming subdivided. This means there are waves within waves. Elliott Wave analysts could be looking for an internal 5-3-5 wave pattern to the upside for higher levels to be tested.”