Gold is bullish within macro bearish correction 2/22/21
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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. On 4/2 we left a bullish reversal below. We have seen $470.7. 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 $330.8 into that correction. The trade back below $2,043.6 has brought in $285.3 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 $242.8. The decent trade below $1,915.7 (+2 tics per/hour) brought in $123.7 of the $75 (+) maximum. This is in a macro bearish stretch of the bearish correction from $2,089.2 down. These are now ON HOLD as well.
On a lower timeframe basis: We held lower time frame exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $97.6. The line we broke below on 2/11 at $1,827.6 has brought in $68.6 of pressure. The decent trade below $1,788.6-8.4 warned of continued pressure. We saw $29.4 of this before short covering off the low, but the decent trade back above where it came in today at $1,789.6-9.7 now warns of decent renewed strength, likely for days. A maintained gap higher will also leave a short-term bullish reversal below. CLICK HERE FOR FULL ARTICLE.
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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