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Gold is bullish 5/3/21

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 formations are ON HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macro bearish correction warned about. The trade below $2,043.6 has brought in $366.2. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $323.8. The trade below $1,915.7 (+2 tics per/hour) brought in $238.3 of pressure. We held exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $179.2. The above formations are ON HOLD. The trade above $1,688.2 (+.3 of a tic per/hour) warned of solid strength, likely for days/weeks. We have seen $110.2 so far. This is OFF HOLD.

On a lower timeframe basis: The trade above $1,705.6 brought in $93.8 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) projected this upward $37 (+). We have attained $74.1 of this. The trade above $1,747.6 has brought in $51.8 of strength. These are OFF HOLD. Within these bull calls, I cautioned we held lower timeframe exhaustion at $1,798.1 and rolled over $43.5 into a bearish correction. We held exhaustion for the correction at $1,754.2-50.7 with a $1,754.6 low and have bounced $41.50. The decent trade above $1,784.5 (-.7 of a tic per/hour) the AM projects this upward $33 (+); but if we break back below decently, look for decent pressure to come in. This will come in at $1,784.4 (-.7 of a tic per/hour starting at 10:20am). If we break above $1,796.3-8.4 and back below, look for pressure to come in, and a possible early end to this move up.  I warned in the Post Market Synopsis Friday that today has a good likelihood of seeing range expansion—we have already exceeded Friday’s range on GLOBEX and the day session. A maintained gap higher should bring renewed strength as well. 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, Bitcoin, 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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