Gold Bullish Within Macro Bearish Correction 12/7/20
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 possible exhaustion to contend with 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 $322 into that correction. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $198.5. The decent trade below $1,863.9 has brought in $96.7 of the pressure. These are ON HOLD as well since we left a short-term bullish reversal below mentioned below. The solid trade above $1,834.4 warns of continued strength to come in, likely for days/weeks, with a solid stop back below--we came to within 3 tics of this stop on Globex before rallying off the low.
On a lower timeframe basis: On 12/1 we left a short-term bullish reversal below. We have seen $39.8 so far. The decent trade above $1,829.6 (-3 tics per/hour) warned of continued strength. We have seen $23.1 of this so far. If we break back below decently, look for decent pressure to come in. This will come in at $1,816.2 (-2 tics per/hour starting at 8:20am EST).
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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