Gold is projected lower 5/12/22
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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. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. These are ONHOLD. 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 before being put on hold and short covering off the low all the way up to almost take out the highs and rolling over again, being taken off hold.
On a lower timeframe basis: I warned on 4/18 that this went out weak on the day and poised for lower trade, and on 4/19 further left a minor bearish reversal above—we have come off $155.8 from $1,986.4. The trade below $1,941.4 (+1 tic per/hour) warned of decent pressure. We have seen $110.8. Trade above $1,849.7-51.0 will warn of short covering. I would CAUTION: This went out trading against two significant trendlines that came in at $1,840.5-38.5 yesterday, which we may see a multi-day bounce off of (we have already bounced two days in a row).These will come in at $1,842.2-39.5 today. Solid trade below here will project this downward $274 (+); but if we break below here solidly and back above solidly, look for solid strength to come in for days/weeks. CLICK HERE FOR BLOG ON WEBSITE.
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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