#XAUUSD = Gold – Alert 2 = 23.06.2021 #Gold #investing #charts $GDX #preciousmetals $XAUUSD

It looks like gold has doubled down by forming Three Black Crows on the 2HR chart. If the day closes at this level or little lower, tomorrow gold could drop 1+%. Let’s see how the day closes in 4 hours and I will share the daily analysis later tonight.

Copying Yesterday’s Forecast:

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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