#XAUUSD = Daily Analysis = 17.06.2021 #GOLD #preciousmetals #investing #charts $GDX $GLD #ElliottWave

Gold futures daily closure today signals continuation of the downtrend. At least one more lower low is expected. So far, the wave stays perfectly within the forecasted channel hitting the pre-determined waves.

Forecast:

  1. For the next several days, gold is expected to develop horizontally. If the channel is accurate, the price is expected to be bouncing between $1750 and $1800 until approximately the end of June before moving further down.
  2. A closure tomorrow is very important. The weekly candle is about to form a very bearish combo that would signal a continued downtrend on the weekly frame. From that perspective, unless gold closes above $1845 tomorrow (a +3.6% day), any other candle would contribute to the bearish stance on the weekly.
  3. There is a chance that gold develops a bottom and reverses at about $1750. The first sign of the bottom would be a strong green candle with a closure above ~$1825. This scenario is of low probability based on the candle structure.
  4. Current targets – $1750-1650.
    Let’s see how it closes tomorrow and whether candles show any signs of reversal. I will review all points in my weekly analysis on the weekend.

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Alert on June 15:

Alert #1 on June 1:

Alert #2 on June 3:

Alert #3 on Jun 9:

GDX Weekly Analysis:

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