Gold is Bearish on a Lower Time Frame 9/1/22
On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. 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 before being put on hold and short covering off the low all the way up to almost take out the highs and rolling over again, being taken off hold.
On a lower timeframe basis: I warned there is major structural support in the $1,677.9-666.2 general area as well as lower timeframe exhaustion at $1,684.3-79.9--we held both of these on 7/21 with a $1,678.4 low and have rallied $146.2 into a lower timeframe bullish correction/trend. This is ON HOLD. The break below $1,810.8 put bull calls ON HOLD and brought in $99.1 of the pressure warned about below. The trade below $1,761.8 (-.8 of a tic per/hour) warned of decent pressure—we attained $50.1.The next lower area of possible exhaustion comes in at $1,716.3-09.7, which we are currently in the midst of. Decent trade below $1,712.3 (-1.2 tics per/hour starting at 6:00am) should bring in decent pressure, with a move down toward $1,680.0 (-) a good likelihood. Decent trade above $1,727.0 (-4tics per/hour starting at 6:00am) will project this upward $17 (+); but if we break above here decently and back below decently, look for decent pressure.
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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