Gold is in a Bearish Correction or Trend 6/3/21
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. We held an exhaustion within this at $1,275.6-$1,269.0 with a $1,274.6 low and have rallied $814.6. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. We held another exhaustion within this at $1,416.0-$1,413.7 with a $1,412.1 low and rallied $676.9. On 4/2 we left a bullish reversal below. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. These are OFF 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. These are ON HOLD. On a lower timeframe basis: The trade above $1,688.2 (+.3 of a tic per/hour) warned of solid strength, likely for days/weeks. We have seen $231 so far. The trade above $1,705.6 brought in $204.4 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) has brought in $193.9 of this. The trade above $1,747.6 has brought in $171.5 of strength. We held exhaustion below at $1,754.2-50.7 with a $1,754.6 low and bounced $164.5. The decent trade above $1,836.1 (-.5 of a tic per/hour) projects this upward $30 minimum, $213 (++) maximum. We have attained $83 so far. The decent trade above $1,885.1 (-.6 of a tic per/hour) warned of renewed strength. We have seen $34.1 so far.
These are ON HOLD. We may be in another moderate bearish correction that could last for days. Trade above $1,919.2 will negate the pressure bias and resume bullishness. The decent trade below $1,908.5 (+2.8 tics per/hour) should bring in decent pressure. The decent trade below $1,902.4 (+2 tics per/hour) should also bring in decent pressure; but if we break back above decently, look for decent short covering to come in—this will come in at $1,903.6 (+2 tics per/hour starting at 8:20am). I warned today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range on GLOBEX. We are called $14.4 lower as of 5:38am.
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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