$Gold $XAU = Weekly Analysis + Long Term Forecast = 25.12.2021 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #ElliottWave

As expected, after completing a Rising 3 Methods, gold advanced again and has good chances to move higher. However, the move seems to be limited for several reasons and the long term odds are one of them.

With only one remaining in this year, today I will discuss the perspectives of forming the quarterly and monthly candles and possible implications they might bring in 2022.

Let’s try to decipher the messages from the candles, TA and waves.

This daily overview contains:
– analysis of the daily/weekly/monthly candle charts and TA;
– 2hr #ElliottWave chart with the short-term targets;
– mid- and long-term charts and forecasts.

The quarterly remains bearish. In order to flip the odds solid bullish, gold needs to close this year above $1899 and it is highly unlikely it makes 90 points before the end of December.
The current formation suggests a possible Falling 3 Methods in Q1. As you can see on the quarterly chart below, I added a red candle, that could find support at 20 EMA, that would be aligned with my long term EW projection for the next wave down.

If we take into consideration a $DXY long term forecast for Q1, the projected move would not be very surprising:

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