Gold is bearish within a macro bearish correction 3/8/21
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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. 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 $402.3 into that correction. The trade back below $2,043.6 has brought in $355.7 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 $313.3. The decent trade below $1,915.7 (+2 tics per/hour) brought in $227.8 of pressure. The next levels of exhaustion come in at $1,646.5-40.5 and $1,567.3.
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 $168.7. I noted that we held the $1.685.4-3.0 area, which I said we could see a significant bounce from—we held this with a $1,685.1 low and rallied $26.9 before rolling over on GLOBEX and are testing where the line comes in now at $1,686.3-5.9. This is bearish on the day coming out of the gate. Decent trade above $1,698.1 (-2 tics per/hour starting at 10:20am) should bring in decent strength. Decent trade above $1,770.5-5.5 per/hour starting at 10:20am) will project this upward $90 (++). 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 months; but if we break above here decently and back below decently, look for decent pressure.
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