$XAU = Gold: Daily Analysis = 16.08.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #investing

Gold appears to have started a rally, however, there are several data points that hold me from turning bullish. Let’s have a look into details.

Candles

Daily
Today’s candle closed above 20 EMA. However, the structure of the candles points that the wave is likely corrective and a pullback can be expected any time.
From the RSI perspective, gold has been rallying for 5 days, but the RSI is still below 50. Makes one think. The other indicators from my pool are mixed.
In order to confirm the short term rally, I need at least one more green candle to close above 20 EMA.
Odds: Neutral-Bearish

The detailed interpretation of the quarterly/monthly/weekly candles is available in the Premium Content of the latest Weekly.

Forecast:

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

Gold formed a Hammer on the weekly time frame and it can be viewed as the beginning of a rally. However, the Hammers require confirmation that could come this week. The details and the Long Term Forecast are available in the latest Weekly.

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Long Term Forecast for Silver – Premium Content (subscription required)

Previous Monthly/Weekly:

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