Gold is Bearish 12/2/21
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. We held an exhaustion within this at $1,275.6-$1,269.0 with a $1,274.6 low and rallied $814.6.The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2.We held another exhaustion within this at $1,416.0-$1,413.7 with a $1,412.1 low and rallied $676.9. On 4/2 we left a bullish reversal below. We have seen $470.7.We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. These are 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. The trade below $2,043.6 has brought in $366.2. We held exhaustion above with a $2,001.2 high and rolled over $323.8. The trade below $1,915.7 brought in $238.3 of pressure. These are ON HOLD.
On a lower timeframe basis: The decent break above $1,729.9 (-4 tics per/hour) has brought in $149.6 of strength. The decent trade above $1,746.0-6.3 has brought in $133.2 of strength. The decent trade above $1,755.8 (-1.5 tics per/hour) has brought in $123.5 of the strength we were looking for above. The decent trade above $1,784.5 (+.7 of a tic per/hour) has brought in $95 of the strength warned about above before rolling over. These are ON HOLD. The solid trade below $1,865.3-5.7 warned of solid pressure, likely for days/weeks. We have seen $84.4. The decent trade below $1,861.0 (+1 tic per/hour) warned of decent pressure—we have seen $80.1. The trade below $1,819.0 brought in $38.1 of pressure. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion. Decent trade above $1,789.9 (+1 tic per/hour starting at 8:20am) should bring in decent strength.
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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