Here is the market outlook on Gold (XAUUSD) from 17th to 21st of November. It is a clear projection of what is mostly likely to take place on Gold in the coming week.
ANALYSIS.
In monthly timeframe price is forming a rejection from the upside as how it happened in the October month. This is an indicator of presence of seller at this region. But a technical trendline is not yet touched to the upside, therefore price may move up toward it.
In weekly timeframe the market structure is clearer with the last three candlesticks convey a buy message. But considering the formation in the last candlestick, price has formed a longer rejection from the upside indicating presence of seller at this region. The next candlestick will provide us with the overall direction for the rest of the year.
In daily timeframe price has formed clear wave counts with the expectations of price to continue moving up in completion of the expected fifth wave. Looking more closely, there is a three-wave swing to the upside which may be a corrective structure or just a beginning of a five wave move to the upside.
In four-hour, timeframe price has moved in three wave swing to the downside after completing a clear five wave move to the upside. The current three wave swing down it may be a corrective wave or just the beginning of the five waves move to the downside. Based on Elliot counts, price has moved in three waves down in the fourth wave therefore we will be expecting formation of the fifth wave to the upside.
PRIMARY PROJECTION.
Consider selling Gold if it will maintain a price level below 4000 targeting previous levels of support and resistance.
ALTERNATIVE PROJECTION.
Consider buying Gold if price will open to the upside and maintain the price level of above 4150 targeting the levels not beyond the historical high.
