Gold is Bearish Within a Macro Bearish Correction 3/8/21
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 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. On 4/2 we left a bullish reversal below. We have seen $470.7. The above bullish formations have been ON HOLD since 12/31/20. I noted we had a higher timeframe exhaustion to contend with that came in at $2,071.6-93.2 that had the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $402.3 into that correction. The trade back below $2,043.6 has brought in $355.7 of the decent pressure we were looking for. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $313.3. The decent trade below $1,915.7 (+2 tics per/hour) brought in $227.8 of pressure. The next levels of exhaustion come in at $1,646.5-40.5 and $1,567.3.
On a lower timeframe basis: We held lower time frame exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $168.7. I noted that we held the $1.685.4-3.0 area, which I said we could see a significant bounce from—we held this with a $1,685.1 low and rallied $26.9 before rolling over on GLOBEX and are testing where the line comes in now at $1,686.3-5.9. This is bearish on the day coming out of the gate. Decent trade above $1,698.1 (-2 tics per/hour starting at 10:20am) should bring in decent strength. Decent trade above $1,770.5-5.5 per/hour starting at 10:20am) will project this upward $90 (++). This will also suggest an end to this macro bearish correction, and the possible start to a whole new macro bullish structure that could last for months; 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 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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