$XAU = Gold: Daily Analysis = 29.07.2021 #GOLD #preciousmetals $GDX $XAUUSD #XAUUSD $GLD #GC_F

Today gold made a solid first step towards confirming a longer term reversal. Friday will be a critical day for numerous reasons. Let’s explore the hypothesis from different angles.

Daily
Today gold confirmed a bullish path for the short term. The daily technical indicators flipped bullish – RSI, MACD, PSAR. Price climber over 200 MA.

If tomorrow closes with a green candle, a mid/long-term rally has likely started.
Odds: Bullish-Neutral

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. A green candle tomorrow could confirm the short-term rally. At the same time, it will help to form the bullish reversal candles/combos on the weekly and monthly frames.

    I am expecting the decision about direction to be made tomorrow. This weekly/monthly analysis will be interesting.

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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