$XAU = $Gold : Daily Analysis = 28.10.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #investing

After Tuesday’s bearish Engulfing, gold consolidated for two days. Let’s have a closer look at the metal from different perspectives.

CANDLES
While the quarterly and monthly frames remain bearish, the weekly the daily are neutral.
After a nice rally at the beginning of the day, gold ended up with a candle that is more bearish than bullish. A large upper wick adds a bearish flavor. The candle closed about the mid point of the large red candle and the odds are almost equal.
There is a chance that the metal is building a Falling 3 Methods formation.

The price is above 8 EMA and it’s flirting with 200 MA. The direction is not confirmed yet and tomorrow will be critical for forming the weekly and monthly candles.
Until gold closes above $1810 or below $1783, the direction remains unknown.

Odds: Neutral

ELLIOTT WAVES

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