Gold is Bearish 4/28/22
Updated: May 6, 2022
On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. These are ONHOLD. 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 OFF HOLD.
On a lower timeframe basis: I warned on 4/18 that this went out weak on the day and poised for lower trade, and on 4/19 further left a minor bearish reversal above—we have come off $115.5.The decent trade below $1,941.4 (+1 tic per/hour) warned of decent pressure. We have seen $70.5.The decent trade below $1,912.7 (-2 tics per/hour) has brought in $41.8 of the continued pressure warned about.If we break decently back above $1,909.1 (+.5 of a tic per/hour starting at 12:12pm), this will warn of significant short covering that will likely bring a run toward $2,003.0 (+) and possibly take out $2,078.8.
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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