Gold quotes are correcting downwards, reaching the level of 2008 dollars per ounce.
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The pair is in a correction, a fall is possible.
On the daily chart, the third wave of the higher level (3) develops, within which the wave 5 of (3) forms. Now, the wave iii of 5 of the lower level is developing, within which the wave (iii) of iii has formed, and a downward correction is developing as the wave (iv) of iii. If the assumption is correct, the price will fall to the levels of 2007.60–1967.22. In this scenario, critical stop loss level is 2074.60.
Gold quotes are actively growing, setting a new record around $2074 per ounce during yesterday's trading session.
Silver prices are actively climbing during today's morning trading, updating record highs since April 2013 and trying to consolidate above the level of 27.00. A new rally for the instrument was due to the weak macroeconomic publications from ADP on employment in the US, which could lead to a slowdown in the recovery of the American economy.
The price of gold has been rising steadily since mid-June amid the intensification of the pandemic around the world, in particular in the United States. Investors use the instrument as a traditional "safe haven" asset, seeking to preserve capital in times of economic instability.