Gold is projected lower 1/8/21
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On a higher timeframe basis: I cautioned on 8/16/18 the break 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. We held another exhaustion within this at $1,416.0-$1,413.7 with a $1,412.1 low and rallied $676.9. On 4/2 we left a bullish reversal below. 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 bullish formations were on hold since early August, and OFF HOLD since Thursday. I noted we had a higher timeframe exhaustion to contend with that came in at $2,071.6-93.2 that had the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $322 into that correction. The trade back below $2,043.6 has brought in $276.5 of the decent pressure we were looking for. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $234. These have been ON HOLD since we left the short-term bullish reversal mentioned below.
On a lower timeframe basis: On 12/1 we left a short-term bullish reversal below. We attained $149.6. The break back above $1,830.0-30.2 warned of higher trade—we attained $132.3. The decent trade above $1,868.4 (-.5 of a tic per/hour)projected this upward $19 minimum, $100 (+) maximum. We attained $94.1 . The decent trade above$1,893.2-7.2 (-1 tic per/hour) projected this upward $15 minimum, $154 (+) maximum.We attained $65.3. I would no longer be looking for more from these formations. The decent trade below $1,915.7 (+2 tics per/hour) projects this downward $19 minimum, $75 (+) maximum. We have attained $77.2 of this so far. I warned in the Post Market Synopsis that today has a good likelihood of being a range expansion day—we have already exceeded 5X yesterday’s range including GLOBEX. The maintained gap lower also left a short term bearish reversal above.
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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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