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Gold in Consolidation Before Likely Heading Lower 8/28/20


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 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. These are now OFF HOLD as we broke above the lower timeframe formation mentioned below.

On a lower timeframe basis: The failure back below $1,970.3 warns of pressure in general, but we are currently bouncing off the trendline below. Decent trade below 19234 (+1.5 tics per/hour starting at 8:20am) will project this downward $37 minimum, $215 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. If we rally up to take out yesterday’s high, I would be aware there is a final area of possible exhaustion that comes in at $1,993.3-9.7, although it would likely be more prudent to wait for a failure back below $1,987.0 to get short.


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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