$XAU = Gold: Daily Analysis = 19.07.2021 #GOLD #preciousmetals $GDX $XAUUSD #XAUUSD $GLD #GC_F

Gold today made a High-Wave doji that requires confirmation. The context and the odds are bearish though. Tomorrow – very important day. Let’s explore the hypothesis from different angles.

Daily
Today’s doji formed right after the confirmation of the Spinning Top. The doji is red and it closed below 8 and 20 EMA lines. This is likely a bearish signal.
The indicators are slowly deteriorating.
Odds: Neutral-Bearish

Elliott Waves
This is a preliminary projection of a possible wave if gold moves down.

Forecast:

Remember that gold was damaged greatly in June on the monthly and weekly frames. The long-term odds are still on the dark side.

If gold closes tomorrow:
– above $1818, expect a possible rally;
– below $1795, a wave down is underway
– Anything between – another indecision/pause day, to be assessed after closure.

The longer term forecast and targets were discussed in details in the Monthly Analysis (link below).

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Previous Weekly Analysis:

Previous Monthly Analysis:

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