$Gold $XAU = Daily Analysis = 23.11.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #investing

Gold remains in the inflection zone. If it does not reverse here and moves below $1759, it would open the path to the targets that I identified in the long term forecast.
Let’s evaluate both perspectives along with TA.

This daily overview contains:
– daily candle chart and analysis of perspectives;
– 2hr EW chart and a short-term projection;
– monthly EW chart and long-term perspectives.

The quarterly and monthly frames still remain bearish. Today’s move further reduced the probability of forming a bullish monthly candle.

Gold formed a Three Black Crows and a continued move downwards is highly likely. However, as the metal is grossly oversold on the 1 and 4 hour frames, a bounce is expected tomorrow.
The daily candle that will be created in the next 24 hours could determine the short or even mid term path.
Gold is sitting on 50/100/200 DMA lines that are just a few points apart and a move above or below them would make a statement.
Odds: Bearish

Next: Elliott Waves and Forecast

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