Gold Bearish Unless We Break Back Above Breakdown Formation 9/8/20
On a higher timeframe basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe exhaustion that came in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $215. The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for. The decent trade below $1,943.3-1.7 (+1.5 tics per/hour) now projects this downward $65 minimum, $210 (+) maximum based off a well-formed formation; but if we break back above decently, look for decent short covering to come in. This will come in at $1,948.7-50.4 (+1.5 tics per/hour starting at 8:20am).
On a lower timeframe basis: We held the final area of possible exhaustion at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $79.6. The decent break below $1,990.6 (+1.4 tics per/hour) warned of decent pressure—we have seen $69 so far. Decent trade above $1,956.6 will project this upward $35 (+) but will require a $1,946.8 stop. Decent trade above $2,006.2 (+1.4 tics per/hour starting at 8:20am) will project this upward $78 (+).
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold 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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