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Gold Failed Bull Pattern Returning Pressure 11/9/20

Updated: Nov 11


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. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. 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 $238.2. The trade back below $2,043.6 has brought in $192.6 of the decent pressure we are looking for. These are now OFF HOLD. The decent trade above $1,912.5-3.0 (-.8 of a tic per/hour) brought in $50.6 of the $20 minimum, $112 (+) maximum we were looking for above before failing where it came in this AM at $1,908.9-8.4. We have attained $57.2 of the decent pressure warned about below. I would caution there are areas of possible exhaustion to contend with on the way down at 18336-8096 (intermediate), 17143-6767 (macro), 16309-5985 (macro), and lower.

On a lower timeframe basis: We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $150.2. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $114.7. These are OFF HOLD. We are trading $99.6 lower as I write this at 11:14am. Decent trade back above $1,867.9-8.1 should bring in decent short covering. ‘Decent’ today is $10.4.


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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