Gold in Consolidation Within Macro Bearish Correction 10/19/20
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 ON HOLD. Decent trade above $1,920.9 should bring in renewed strength, likely for days. This WEEK has a good likelihood of being a range expansion week.
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 ON HOLD. We held lower timeframe exhaustion at $1,884.8 with a $1,885.0 low and rallied $33.7. Decent trade below $1,908.7 (+3 tics per/hour starting at 8:20am) will warn of decent pressure. This can more conservatively be drawn to come in at $1,903.6 (+2 tics per/hour starting at 8:20am)—the lower of which would project this downward $14 minimum, $44 (+) maximum. If we break below both decently, and back above the lower decently, I would 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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