Gold is Bullish Within Overall Bearish Correction 8/13/21
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: The break above $1,834.6-5.0 and back below has brought in $155.7 of the pressure warned about. The decent trade below $1,812.8 (+1 tic per/hour) warned of decent pressure. We have seen $134.9 of this so far. The decent trade below $1,806.6, warned of renewed pressure—we have seen $128.7. These are ON HOLD. I warned on 8/10 that on the day this warns of short covering, and again on 8/11 that the maintained gap higher left a minor a bullish reversal below that I said warns of renewed strength—we have seen $30 so far—however, the small bullish reversal will be more effective with trade/close above $1,763.1. I warned in the Post Market Synopsis that on the day this warned of pressure before (if) resuming higher trade if we cannot take out $1,755.4—we failed to see this and took out $1,755.4, maintaining upside momentum. Decent trade below $1,735.0 will negate the bullish reversal and should bring in renewed pressure. I also warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion. A maintained gap higher will leave yet another small bullish reversal below.
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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