Gold Perspective 2021-2023 #XAUUSD #Gold #Metals : 03.06.2021

Today $XAUUSD lost almost 2%. It would form a weekly Bearish Engulfing (or other bearish combo) tomorrow unless a rally of 2.6% or more. Odds? Well… Above I compared the waves in 2012 with 2021. Striking similarities, this time the technical indicators are worse though.

Let’s wait for the weekly closure. I hope it would help with projecting the next steps. So far, if the worst happens, the next wave could take months or years to hit the bottom.

Forecast (the same as before):

If the price follows the bearish sign and closes the weekly candle below 1873, it would make a Bearish Engulfing on the weekly frame and the direction would shift to down for multiple weeks, possibly months. This weekly candle would be critical for the mid term path.

If the worst materializes on the weekly, I would expect $XAUUSD to decline to min 1730, possibly even to 1420. The wave could be very brisk (rarer case) or could hit the bottom around mid December. Let’s see how it starts.

I hope I am deeply mistaken.

Below is the long term forecast that I shared on August 15, 2020. It was originally met with a lot of skepticism, however, it has been guiding me well so far. I am sharing two images – the original one and the refreshed today (all original elements intact).

Long Term Forecast: August 15, 2020 and Now

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