Contributed Commentaries
Gold is bullish unless we fail
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold is Bullish Unless we Fail Formation Below 3/1/22
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. These are OFF 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. We held exhaustion above with a $2,001.2 high and rolled over $323.8. The trade below $1,915.7 brought in $238.3 of pressure. These are ON HOLD.
On a lower timeframe basis: The decent trade above $1,880.6 (+.6 of a tic per/hour) also warned of decent strength, possibly for days. We have seen $94.8 before backing off the trendline at $1,975.6 (+2.6 tics per/hour). Decent trade below $1,898.7 (+3 tics per/hour starting at 6:00am) will project this downward $30 (+); but if we break below here decently and back above decently, look for decent short covering. CLICK HERE FOR FULL BLOG.
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