Gold is Bullish Within Macro Bearish Correction 3/12/21
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 $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.These are now ON HOLD as well (see below). Decent trade above $1,751.2-6.7 (-2 tics per/hour starting at 6:00pm) Sunday will project this upward $95 (++).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.
On a lower timeframe basis: We held the trendline below at $1,673.4 with a $1,673,3 low that I said has the potential for a decent bounce—we rallied $64.7. The decent break above $1,690.2 (-4 tics per/hour) warned of strength for $22 (+). We saw $47.9 before rolling over. Decent trade below $1,677.2 (+.3 of a tic per/hour starting at 6:00pm) Sunday should bring in decent pressure for$63 (++).
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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