Gold is Bearish Within Macro Bearish Correction 7/19/21
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. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. On 4/2 we left a bullish reversal below. We have seen $470.7. 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. The trade below $1,915.7 brought in $238.3 of pressure. The trade below $1,879.3 brought in $129.2 of pressure. On 6/14 we left a large bearish reversal above that warned of pressure for days/weeks—we have seen $115.8 of this so far. These are OFF HOLD.
On a lower timeframe basis: The trade above $1,688.2 brought in $231 of strength. This is ON HOLD. The trade below $1,908.5 brought in $158.4 of pressure. The trade below $1,902.4 brought in $152.3. The break below $1,897.6-6.5 (-1 tic per/hour) brought in $145.5 of pressure. We held exhaustion on a correction within the move above with a $1,835.0 high and rolled over $33.3. The failure below $1,818.0 warns of significant pressure, likely back down toward $1,715.0 (-) in the days ahead. We have attained $16.3 of this so far. A maintained gap lower will leave a short-term bearish reversal above.
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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