Gold is Bearish 10/11/21
NOTE: I have been away on vacation, thus the lack of blogs over the past week (+)
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. This is ON HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macro bearish correction warned about. This is ON HOLD.
On a lower timeframe basis: The decent break above $1,729.9 (-4 tics per/hour) has brought in $52.9 of renewed strength. The decent trade above $1,746.0-6.3 has brought in $26.5 of strength. The decent trade above $1,755.8 (-1.5 tics per/hour) has brought in $26.8 of the strength we are looking for above before rolling over. These are ON HOLD. The trade above $1,762.3 (-1 tic per/hour) brought in $20.1 of the strength warned about above, (although I stopped short of suggesting leaning against it as a long) and then rolled over and failed back below where it came in at $1,761.4, below which I did suggest shorting. This will come in at $1,760.1 (-1 tic per/hour starting at 8:20am). The break below $1,762.1 (+2.5 tics per/hour) also now warns of pressure—although I did not suggest leaning against this as a short, I would at this point as the formation is now more well-formed. This will come in at $1,765.8 (+2.5 tics per/hour starting at 8:20am).
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold, Bitcoin, 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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