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Gold bounced off macro exhaustion level at $1,714.5 within macro bearish correction 3/1/21

Commentaries & Views

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 $374.3 into that correction. The trade back below $2,043.6 has brought in $328.7 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 $286.3. The decent trade below $1,915.7 (+2 tics per/hour) brought in $200.8 of pressure before holding the macro exhaustion below at $1,714.5 with a $1,714.9 low and rallying $42.5.

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 $141.7 before holding the macro exhaustion area mentioned above. Trade above the $1,759.0-67.3 general area by a Short-Term amount will warn of decent short covering. Decent trade above $1,793.3-7.7 (-2 tics per/hour starting at 8:20am) will project this upward $65 (++). This will also suggest an end to this macro bearish correction, and the possible start to a whole new macro bullish structure that could last for weeks/months; but if we break above here decently and back below decently, look for decent pressure. 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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