Gold is Bullish 4/7/21
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. These are OFF HOLD. 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 $412.8 into that correction. The trade back below $2,043.6 has brought in $366.2 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 $323.8. The decent trade below $1,915.7 (+2 tics per/hour) brought in $238.3 of pressure. We held lower time frame exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $179.2. The above bearish formations are now ON HOLD. The solid trade above $1,688.2 (+.3 of a tic per/hour) warns of solid strength, likely for days/weeks. We have seen $58.5 of this so far. This will come in at $1,691.5 (+.3 of a tic per/hour starting at 8:20am).
On a lower timeframe basis: The decent break above $1,705.6 also warns of continued strength for days/weeks. We have seen $41.1 of this so far. Thursday, we also left a short-term bullish reversal below. The decent trade above $1,724.9-5.2 (-1.2 tics per/hour) projects this upward $54 (+). We have attained $21.5 of this so far. Decent trade back below where this comes in at $1,720.8-1.99 (-1.2 tics per/hour starting at 8:20am) should bring in decent pressure. A maintained gap lower will leave a short-term bearish reversal above but would wait for end of day confirmation before (if) shorting. Decent trade below $1,734.4 should bring in 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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