#XAUUSD = Daily Analysis = 24.06.2021 #Gold #investing #charts $GDX #preciousmetals $XAUUSD

Gold trades as outlined in the weekly analysis. Today it closed with one more candle that indicated a strong bearish pressure. Indicators point towards at least one more lower low in the near term. Let’s explore the hypothesis from different Angles.

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

Daily
Today’s daily candle can be viewed as a Gravestone doji type, showing a strong bearish pressure that has been mounting for several days. I still maintain a possibility of a sharp drop in the next few days.
Odds: Strong Bearish

Forecast:

The last two days Gold behaved precisely as forecasted. Now it seems time to move further down. Two most immediate targets would be $1760$1730.

At this point is not clear whether wave 3 actually ended as at least one indicator supports its continuation. 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.

There are two possible channels down as placed on the chart. There is some room for gold to continue horizontally until a boundary hit. There is a good chance it happens overnight.

This weekly closure below ~$1763 would greatly elevate the probability of lower prices for the next week.
This monthly closure below ~$1768 would confirm at least one more month of lower prices.

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.

If you would like to receive the regular updates on this and other topics, follow the blog by email subscription or on Twitter @InvestingAngles. Please share and don’t forget to Like and Retweet.

Latest Weekly Analysis + Long Term Forecast

%d bloggers like this: