MARKET FORECAST : We will be discussing the market from monthly and weekly perspective to understand the major trend and sync it without daily chart for intra day and daily based trading. 

MONTHLY : From monthly chart we have an impuslive 5 wave bullish structure starting from August 2018, $1151 and ended at 2075. This was followed by a high degree of correcting with its final wave completing at 1671 - providing a rebound again towards 1912. If we draw our Fibb levels from the above highs to lows, the market retraced from between 61.8% and 50% fibb level and went for an impulse with highs at 1912. The current bullish candle being formed in monthly shows that this mightve been the first bullish wave continuation of the 5 wave pattern  because in order to reverse this sentiment - gold needs to give closing below 1672 or exactly there to decline the pricinple of elliot wave and initiate a new bearish wave structure. 

WEEKLY : In weekly time frame the bearish rally starting from $2075 can also be taken as a bearish correction of highest degree if we compare the market with above mentioned monthly analysis and the correction started from $1673 in March this year can be the first bullish wave with a corrective reversal in current market scenario. For this to be proven right, gold has to provide a breakout above its previous weekly high i.e 1910 or completely reverse the previous move of bearish impulse which will mark the continuation of bullish trend with our 61.8% fibb level also supporting the stance. 

DAILY : When we now move to daily chart, we see that there is 1850 strong resistance ahead for gold which needs to be broken for the pair to move further towards its daily highs i.e $1875 and $1912 which will sync with our monthly and weekly trend for positioning our trades in terms of bullish sentiments. Currently its targets are $1804-$1794 as its nearby daily supports. We are expecting gold to break these lows and move towards $1757. A breakout below 1757$ would drive the pair towards 1730$ which then will be the deciding point for our monthly and weekly trend confirmation for a move further below will result in change of trend with momentum favouring bears and we would be looking for more selling positions. 

XAUUSD D1

Jul 17 2021