Gold is within bearish projections 1/15/21
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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. We held an exhaustion within this at $1,275.6-$1,269.0 with a $1,274.6 low and have rallied $814.6. 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. The above bullish formations have been ON HOLD since 12/31/20. 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. Friday’s move down suggests one of two things: 1.) this may be in a new macro bearish stretch, putting the bearish correction from $2,089.2 down back in play, or 2.) we may be building a higher level of consolidation up here—I think the first is more likely.
On a lower timeframe basis: The decent trade below $1,915.7 (+2 tics per/hour) brought in $98.6 of the $75 (+) maximum. The trade below $1,854.6 (+5.5 tics per/hour) brought in $28 of pressure. This will come in at $1,887.0 (+5.5 tics per/hour starting at 10:20am). However, there is a lower formation that comes lower at $1,855.4 (-1 tic per/hour starting at 10:20am), a decent break above which will warn of renewed strength. Decent trade below $1,831.5 (+1.2 tics per/hour starting at 10:20am) will project this downward $29 minimum, $112 (+) maximum—however, there are key exhaustion areas below to work through. 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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