Gold is in a Bearish Correction, but on the Day Warns of Short Covering 8/11/21
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.
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.I warned in the Post Market Synopsis that on the day this warns of short covering before (if) resuming lower trade—we have only seen$4.3 of this so far. A maintained gap higher will warn of renewed strength, but this will be more effective with a close above $1,763.1.
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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