Gold holding major possible exhaustion above 8/10/20
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On a macro basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.4 so far. The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum based off an ‘ok formed’ pattern. We have seen $190.2 (including a spread differential of roughly $20). The decent trade above $2,031.5 warns of continued higher trade—we have seen $57.7 so far. If we break back below decently, look for decent pressure to come in. This will come in at $2,040.6 today. Decent trade below should bring in renewed pressure, likely for days/weeks. I noted we have higher timeframe possible exhaustion to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $64.4--so we will have to see whether this continues to come off.
On a shorter-term basis: Decent trade below $2,036.7 (+4.3 tics per/hour starting at 8:20am) will put this below a steep formation that will warn of decent continued pressure; but if we break below here decently and back above decently, look for decent short covering to come in.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy complex. 'Decent penetrations' are specific amounts and provided to clients daily as well. If you are interested, please feel free to reach out.
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