$Gold $XAU = Daily Update = 17.11.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #investing

As anticipated, gold did not proceed down and made an attempt to continue the rally. Let’s explore the options for tomorrow from the candles, TA and waves perspectives.

Daily
Today’s candle is bullish Engulfing, however, a weaker one in the context of the preceding candles and some indicators.
The consolidation that I was discussing previously could continue for several more days. As long as the price stays above ~$1850, the odds will remain bullish.
If gold closes tomorrow:
– below $1850, the odds would flip bearish;
– above $1877, the rally will continue;
– any price between – the candle would need to be assessed.
Odds: Neutral-Bullish

Yesterday’s update:
https://investingangles.com/2021/11/16/gold-xau-daily-update-16-11-2021-gold-preciousmetals-gdx-gld-xauusd-gc_f-investing/

ELLIOTT WAVES

Gold moved precisely as forecasted last week and I am not adjusting the chart for now.
From the previous update:
“After a rally towards $1880-1890 (completed), expect a pullback in wave (ii), possibly to $1820 or even to $1805. “
The blue count is primary: expect gold to make one more wave down to complete a correction before starting the rally higher. The mid- and long term target were discussed in details in the Weekly Analysis (link below).

If the metal moves below $1805, this could be a first sign for an alternative count to take place.
Last weekly analysis:
https://investingangles.com/2021/11/14/gold-xau-weekly-analysis-long-term-forecast-14-11-2021-gold-preciousmetals-gdx-gld-xauusd-gc_f-investing/

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Previous Analyses:

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