$XAU = Gold: Daily Analysis = 09.08.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #investing

From Weekly Analysis: “…I think the gold bear has just been warming up…” Apparently, I was right. Let’s have a look into details.

Daily
Today’s daily candle could be bearish and could be bullish. While, by color, it could be a Morning Star, the indicators do not seem to support the hypothesis.
I think that the most likely path for the next few days would be a horizontal or an insignificant decline as long as price stays below ~$1765-1755.
The indicators strongly suggest that at least one more lower low is due (ideally – two lower lows).
So far, no clear sign of bullishness.
Odds: Neutral-Bearish

Elliott Waves

In the beginning of July I projected a possible shape of the corrective wave B/2 that I viewed to extend into the end of month. Gold followed the forecast closely and I believe is now working on wave 3.

The operative targets for wave 3 in green rectangle: $1550-1650.
Possible timing: August – September. Timing is always the hardest part with gold.

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 strongly on the dark side.

There is a good chance of a continued decline in August, targeting $1550-1650 by the end of month.

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

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