$XAU = Gold: Daily Analysis = 26.07.2021 #GOLD #preciousmetals $GDX $XAUUSD #XAUUSD $GLD #GC_F

From the candles perspective, gold closed today as if it looking for a sizeable decline tomorrow. Let’s explore the hypothesis from different angles.

Daily
The daily candle closed right below 100d MA line with a candle indicating a strong bearish pressure. If you add a similar conditions on the monthly and weekly that were discussed in details in the weekly analysis (link below), golds seems to have nowhere to go but down.

The technical indicator are supportive of bearish continuation and gold is not oversold yet on the smaller frames. It definitely has some room downwards.

While there is always a chance of bullish reversal, I would need to see a strong bullish candle closing above $1803 or higher to start thinking of a bullish trend.

Odds: Bearish

Elliott Waves
The wave down is quite complex and here is my best count at this point.

Forecast:

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

2. The operative target – $1760-1770.


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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