$XAU = Gold: Daily Analysis = 04.08.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F

Aren’t the candles the thing of beauty? Almost two months ago I forecasted the range of $1750-1815 and gold kept closing the weekly candles within. This is bearish. Let’s explore the hypothesis from different angles.

Daily
On July 30, gold made a Bearish Harami combo that has not been confirmed yet. Neither rejected. The indicators are sitting on the fence and are ready to flip to any side.
The candle theory considers the odds bearish.
Pending confirmation.
Odds: Neutral-Bearish

Elliott Waves

Below is a short term bearish forecast. Operative targets: $1550-1650.

The blue counts represent the possible continuation of a rally, though the odds are very slim.

Forecast:

Gold was damaged greatly in June on the monthly and weekly frames. The odds are still on the dark side.

If the daily Bearish Harami confirms, there is a good chance of a continued decline, targeting $1550-1650.

If gold is going to make a bottom and reverse, we should see the bullish candles at least on the weekly charts.

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