Gold Bullish Within Bearish Correction 2/8/21
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 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. We have seen $470.7. The above bullish formations have been ON HOLD since 12/31/20. I noted we had a higher timeframe exhaustion to contend with that came in at $2,071.6-93.2 that had the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $322 into that correction. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $234. The decent trade below $1,915.7 (+2 tics per/hour) brought in $114.9 of the $75 (+) maximum. The 1/8/21 move down suggests one of two things: 1.) this may be in a new macro bearish stretch, putting the bearish correction from $2,089.2 down back in play, or 2.) we may be building a higher level of consolidation up here—I think the first is more likely.
On a lower timeframe basis: The decent trade below $1,855.5 (+3 tics per/hour) has brought in $70.9 of pressure.The decent break below $1,818.9 has brought in $34.3 of the continued pressure warned about.These are ON HOLD.The decent trade above $1,806.1 (-6 tics per/hour) warns of renewed strength.This is an ‘ok formed’ formation that would be steep to lean on from the long side.Decent trade back below should bring in decent pressure and would be a better short as risk would move in your favor.This will come in at $1,792.2 (-6 tics per/hour starting at 8:20am). A maintained gap higher will leave a short-term bullish reversal below. Trade below $1,806.7 (+4.5 tics per/hour starting at 8:20am) should bring in renewed pressure.
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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