Gold is Bearish, but Bouncing off of Major Exhaustion Level 9/16/22
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 $427.3.We rolled over from $2,078.8 for $416.9. I would also NOTE: the break below $1,687.3 yesterday put this below a major topping formation that projects this downward $138 minimum, $416 (+) maximum; but if we break/settle back above where this comes in at $1,687.4 solidly, look for solid strength to come in for weeks.
On a lower timeframe basis: The break below $1,810.8 brought in $148.9 of the pressure warned about below. The trade below $1,761.8 (-.8 of a tic per/hour) warned of decent pressure—we attained $99.9.We broke below the $1,708.4 (+.4 of a tic per/hour) and $1,706.9 (+.3 of a tic per/hour) lines, which warned of pressure—we have seen $45 of this, but I did not suggest leaning against these as a short. The trade below $1,666.7 changed the lower timeframe dynamic of this move down and warns of additional pressure. There is a higher timeframe exhaustion below to contend with at $1,662.9—he have held this with a $1,661.9 low and bounced $28.
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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