Gold is Bullish Within Macro Bearish Correction
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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.