#XAUUSD = Daily Analysis – Pause Continues = 22.06.2021 #Gold #investing #charts $GDX #preciousmetals $XAUUSD

Gold continues as outlined last week. Today it closed with a candle that suggest neither rally nor slide. The horizontal moves between $1800-1760 could continue for another few days before resuming the correction. Let’s explore the metal from different angles.

Last week gold completed a strong Tower Top formation that signals the lower lows. The indicators are supportive of the move.
Odds: Strong Bearish

There is a string of bearish candles on the daily frame followed by three rather neutral candles. Market seems to be taking a breather. On the other hand, we have yet to see a first sign of bullish reversal.
Odds: Bearish


Gold is likely to continue horizontal moves between $1760-$1800 for a few days to complete wave 4 as on the chart below. After that, expect a rather strong wave 5. Two most typical targets for w5 would be $1720 and $1660. As waves 5 tend to be the longest for metals, $1660 has higher chances.

However, as at this point is not clear whether wave 3 actually ended, there is a possibility that the structure being developed is a bearish flag/pennant and wave 3 could be extended. In this case all targets would move further down. We would know this later, hopefully by the end of week.

Note that a strong bullish move with a daily closure above $1825 could signal a trend reversal. Though, the odds are slim for this scenario.

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