Make Kitco Your Homepage

Gold is Bullish Within Macro Bearish Correction

Commentaries & Views

Untitled Document

Gold is Bullish Within Macro Bearish Correction 7/29/21
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 break back above $1,797.5 (+1 tic per/hour) warned of renewed strength—we have seen $29.1 so far. The decent trade above $1,803.9 (-1.2 tics per/hour) has brought in $22.7 of additional strength. I warned today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range on GLOBEX. I would be aware of areas of possible corrective exhaustion on the way up at $1,834.6-41.6, $1,847.4-54.6, and $1,874.0-83.0. CLICK HERE FOR FULL ARTICLE. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.