Gold is bullish short-term 10/21/22
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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. We have seen $905.5. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. These areON HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $467. The trade below $1,761.8 (-.8 of a tic per/hour) warned of decent pressure—we attained $139.6.
On a lower timeframe basis: We left a minor bearish formation above on 10/10. We have seen $61.3 from the 10/10 open at $1,682.4. The roll back over from $1,677.8 brought in $56.7. The trade back below $1,663.0 (-4 tics per/hour) has brought in $41.9 of pressure. These are ON HOLD. We are now currently holding a lower exhaustion at $1,619.8-7.7 with a $1,621.1 low and are seeing some of the short covering warned about on the break back above $1,623.3-2.2. The trade above $1,635.1 has brought in $24 of the strength warned about above. The trade above $1,642.5 (-3 tics per/hour) projects this upward $24 minimum, $39 (+) maximum; but if we break back below decently, look for decent pressure. LINK TO ADDITIONAL 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.
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