Gold in Consolidation, Poised for Further Breakdown Within, 10/23/20
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. 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 OFF HOLD. This WEEK had a good likelihood of being a range expansion week, but we have failed to see this so far, and if not next week has a greater likelihood.
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. Yesterday we left a short term bearish reversal above. Trade below the $1,897.0 (+.6 of a tic per/hour starting at 10:20am) and the $1,896.6-2.7 area should bring in continued pressure.