$XAU = Gold: Daily Analysis = 24.08.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #investing

Gold seems to be ripe for a crash decline. After the strongest bullish candle it made a Spinning Top that was rejected right at 100 MA. The beginning of today’s path is a promising motive wave. Let’s see how it ends tomorrow and explore the hypothesis from different angles.

The subscribers had access to the chart above for over a week and have been prepared with detailed commentaries.

CANDLES

Daily Candles
Today’s candle was likely a Spinning Top. The hypothesis is well supported by multiple indicators. It looks like I was right yesterday when skeptical about the health of Monday’s candle.

As I type, we can see a strong move down. If gold closes tomorrow at $1802 or lower, a continuation would be highly likely. If lower than $1778, a crash would be almost guaranteed.
Gold is badly damaged on the monthly and weekly frames and a lot of bullish events need to happen this week and before August 31. Skeptical about them.
Odds: Bearish

The analysis below cover the micro waves and possible targets for tomorrow, bringing awareness of the possible behavior and its interpretation around the channel line. If you want to continue reading about this, please subscribe to Premium Content for only $10 USD per month.

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