Gold is Bullish 5/10/21
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 formations 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. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $323.8. The trade below $1,915.7 (+2 tics per/hour) brought in $238.3 of pressure. We held exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $179.2. The above formations are ON HOLD. The trade above $1,688.2 (+.3 of a tic per/hour) warned of solid strength, likely for days/weeks. We have seen $156.4 so far.
On a lower timeframe basis: The trade above $1,705.6 brought in $138 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) projected this upward $37 (+). We have attained $118.4 of this. The trade above $1,747.6 has brought in $96 of strength. We held exhaustion below at $1,754.2-50.7 with a $1,754.6 low and bounced $89. We took out the last possible exhaustion at $1,825.5-29.08, which suggests we are in the midst of a larger bull structure. Decent trade below $1,791.4-1.3 should bring in decent pressure. Decent trade below $1,780.8 (+1.5 tics per/hour starting at 8:20am) will project this downward $66 (+); but if we break below here decently and back above decently, look for decent short covering to come in. I would NOTE: we did hold the possible trendline on the upside at $1,843.4 twice and rolled over…so we may see this roll over a bit more before (if) resuming higher trade. This comes in at $1,841.5-1.8 today.
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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