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Gold Held Exhaustion Area Above, Poised for Lower Trade 9/2/20


On a higher time frame 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 time frame possible exhaustion to contend with that comes 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, likely for days/weeks.


On a lower time frame basis: We held the final area of possible exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $39.4. The decent break below $1,990.6 (+1.4 tics per/hour) also warns of decent pressure—we have seen $28.8 so far. The decent trade below $1,935.3 (+1.5 tics per/hour starting at 8:20am) will project this downward $70 minimum, $215 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in.


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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