Gold is Bullish Medium-Term, but in Consolidation/Correction Within 9/2/21
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. We held exhaustion above at with a $2,001.2 high and rolled over $323.8. The trade below $1,915.7 brought in $238.3 of pressure. The trade below $1,879.3 brought in $201.4 of pressure. On 6/14 we left a large bearish reversal above that warned of pressure for days/weeks—we have seen $192 of this so far. These are ON HOLD.
On a lower timeframe basis: We attained $94.8 of the higher trade warned about since the close of 8/10at $1,731.7.The decent trade above $1,803.6 negated the minor bearish reversal above and warned of renewed strength—we have attained $22.9.The decent trade above $1,805.1 (-.7 of a tic per/hour) warned of decent renewed strength. We have attained 21.8.If we fail back below where this comes in at $1,798.0 (-.7 of a tic per/hour starting at 8:20am) decently, look for decent pressure to come in. However, I NOTED: although we have broken above the bullish formation mentioned above, we also may be in the last stretch of structure from $1,677.9 upward, and there are two nearby key, significant possible exhaustion areas to contend with on the way up—at $1,827.0-32.6 and $1,862.2-67.6.If either hold, it could bring in a correction exceeding $35.We are currently holding the lower of these with a $1,826.5 high and have rolled over $23.1 so far. Decent trade below $1,795.4 (+.8 of a tic per/hour starting at 8:20am) will warn of 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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