Gold is in a Macro Bearish Correction/Trend, but Holding Exhaustion Below 7/18/22
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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 this may be in the last structural stretch from the $2,085.2 down. I would be wary of extension exhaustion levels which could trigger a bullish correction/trend against the move down--$1,724.7-00.9 (major), $1,647.3-$1,640.1, and lower. We have violated the upper of these by $5.9 with a $1,695.0 low, but this could basically be still considered as holding given the magnitude of the move/structure. If this holds and we rally into a bullish correction, it should exceed $109 from the low. I also cautioned we have lower timeframe possible exhaustion levels that come in at $1,693.8, $1,684.3-79.9, and lower—but I am not strong on these. We are holding the upper with a $1,695.0 low. The trade above $1,712.3-4.2 brought in $7.8 of the strength warned about above before rolling over. 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.