$Gold $XAU = Daily Analysis = 24.11.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #investing

Gold did not show enough strength today to start a rally. Today’s candle shows indecision and requires a confirmation. If gold fails to 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 with a short-term projection and critical levels;
– 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.

Today gold formed a candle the can be viewed as a bullish Harami. If gold closes tomorrow above ~$1797, it would be the first bullish signal. On the other hand, a closure below $1778 would mean that the decline continues.
The trend is not healthy. Gold moved solid below 8 EMA and the 8/20 lines formed a daily bearish cross.
At the same time, gold is oversold on smaller frames and a bounce is expected. The level that tomorrow’s candle closes will be very significant for the future moves.
Odds: Neutral-Bearish

Next: Elliott Waves and Forecast

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