Gold is in Consolidation, Testing Bearish Formation
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Gold is in Consolidation, Testing Bearish Formation 6/28/22
On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. 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 the trade back above $1,809.2-12.0 will warn of short covering—we have seen $49.5. This is ON HOLD. In general, I expect lower trade before (if) seeing any substantial upside gains—a solid break above $1,886.5 (+10 tics per/ DAY) would change this outlook and warn of higher trade for weeks. Decent trade above $1,835.9 (-1.4 tics per/hour starting at 6:00am) will project this upward $17 (+); but if we break above here decently and back below decently, look for decent pressure. Decent trade below $1,819.4 (+.5 tics per/hour starting at 6:00am) will project this downward $24 (+); but if we break below here decently and back above decently, look for decent strength. LINK TO ANALYSIS 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.