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Gold in Bearish Correction/Consolidation 2/5/21


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) projects this downward $25 (+). We have attained $70.9 so far. The decent break below $1,818.9 has brought in $34.3 of the continued pressure warned about. However, I warned in the Post Market Synopsis that within the bearishness we may start to see short covering if we trade back above $1,800.8—we saw $11.6 of this before rolling back over. Decent trade above $1,851.5 (-2 tics per/hour starting at 8:20am) will project this upward $59 minimum, $132 (+) maximum based off an ‘ok formed’ pattern, but this could use an initial rejection before breaking above for better form.


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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