Gold is bearish 10/29/20
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On a higher timeframe 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. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that came 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 $238.2. The trade back below $2,043.6 has brought in $192.6 of the decent pressure we are looking for. This week has a good likelihood of seeing range expansion.
On a lower timeframe basis: We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $150.2. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $114.7. We left a short-term bearish reversal above on 10/21. The decent trade below the $1,901.5 (+.6 of a tic per/hour) line has brought in $31 of the continued pressure warned about below. If we break back above decently, look for decent short covering to come in. This will come in at $1,903.2 (+.6 of a tic per/hour starting at 8:20am). I warned there was an area of possible exhaustion to contend with on the way down at $1,871.2-69.9…we held this with a $1,869.1 low and rallied $16.1. If we take this out, we will likely head down to test $1,853.5-51.0 (-).
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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