$Gold = Weekly Analysis = 19.03.2022 #GOLD #preciousmetals $GDX $GLD #XAUUSD #GC_F #ElliottWave $XAU

Gold will decline about 20% in the nearest future and I have a strong supporting data for this call.

Preamble:
The chart below was created on August 16, 2020, the week when gold completed an equally powerful, well supported by multiple technical indicators bearish Engulfing. On that day I suggested that gold to lose about 20% off the top in the upcoming weeks/months. I offered that study at a well respected forum and met with strong opposition. Nobody believed the candles. Too bad for them.

Now, 19 months later, we know that gold indeed declined almost 20% in the seven months after the call in August 2020.

This week gold completed a very powerful weekly bearish Engulfing, probably even more powerful than the one in August 2020 based on certain support.
Will gold follow a similar path in the next few months? – The probability is very high.

Last week I made this epic call on reversal on the Three Gaps: https://investingangles.com/2022/03/08/three-gaps-alert-subscribers-only/ The forecast also contained references to similar structures in $TSLA and $SPX.

A detailed study on the long term perspective for gold:
https://investingangles.com/2022/03/09/gold-multi-year-inflection-point-09-03-2022-gold-preciousmetals-gdx-gld-xauusd-gc_f-elliottwave-xau/

If you are interested in the path gold is going to take from the short- and long-term perspectives, it will be covered in today’s overview.

This analysis is part of the Weekly Series – US Indices, Cryptocurrencies, Commodities, Currency, Large Cap stocks – that can be viewed here.

This Weekly Analysis contains:
– overview of the daily, weekly and monthly candles and TA;
– long term and short term forecasts with Elliott Waves.

The following section is available for the subscribers only. A $10 USD monthly subscription gets you access to the monthly and weekly analyses, mid and long term forecasts for cryptocurrencies, major US and some world indices, volatility index and DXY, precious metals and miners, commodities, popular stocks and more. There is no free trial. For $10 USD you can evaluate the service for a month and discontinue the subscription at any time.
https://investingangles.com/subscription/

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Previous Weekly Analysis:
https://investingangles.com/2022/03/12/gold-weekly-analysis-12-03-2022-gold-preciousmetals-gdx-gld-xauusd-gc_f-elliottwave-xau/

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