Gold is in a bearish correction 6/15/21
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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. This is 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 within this. This is also ON HOLD. The decent trade below $1,879.3 (+1.5 tics per/hour) projects this downward $24 minimum, $76 (+) maximum. We attained $33.6. I warned we will have to contend with possible exhaustion areas on the way down—we came shy of the upper of these by $2.4 with a $1,845.7 low and bounced $26.3. However, I think this will likely be temporary and should roll over to test lower levels. Yesterday, we left a large bearish reversal above that warns of pressure for days/weeks. Decent trade back above $1,877.0 will negate this and warn of renewed strength.
On a lower timeframe basis: The trade above $1,688.2 has brought in $231 of strength. This is ON HOLD. We are in a lower timeframe bearish correction against the move up. The decent trade below $1,908.5 brought in $62.8 of pressure. The decent trade below $1,902.4 (+2 tics per/hour) brought in $56.7. The break below $1,897.6-6.5 (-1 tic per/hour) has brought in $50.8 of the pressure warned about. Decent trade above $1,890.7 (-1 tic per/hour starting at 8:20am) will project this upward $48 minimum.
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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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