Gold is bullish within macro bearish correction, but coming in weak on the day 7/12/21
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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. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. On 4/2 we left a bullish reversal below. We have seen $470.7. These 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. The trade below $1,915.7 brought in $238.3 of pressure. The trade below $1,879.3 brought in $129.2 of pressure. On 6/14 we left a large bearish reversal above that warned of pressure for days/weeks—we have seen $115.8 of this so far. These are ON HOLD.
On a lower timeframe basis: The trade above $1,688.2 brought in $231 of strength. Trade above $1,705.6 brought in $204.4 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) brought in $193.9. The trade above $1,747.6 has brought in $171.5 of strength. These are ON HOLD. The decent trade above $1,767.0 (-3 tics per/hour) projects this upward $16 (+). We have attained $52.5. The decent trade above $1,784.3 (-.5 of a tic per/hour) projects this up $33 (+). We have attained $35.2 before rolling over. If we break below $1,795.5 by $11.4, this will warn of renewed pressure and likely run for the $1,750.1 low. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded Friday’s range. Decent trade below $1,799.8 (+1 tic per/hour starting at 8:20am) will warn of pressure, but I will stop short of suggesting leaning against it. If we break below decently and back above decently, look for decent short covering. 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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