Gold is in a Bearish Correction/Trend 11/24/20
On a higher timeframe basis: I cautioned on 8/16/18 the break back 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. We held another exhaustion area 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 that warned of continued strength. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above macro bullish formations are ON HOLD again. I noted we had a higher timeframe possible exhaustion to contend with that came in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $270.4. The trade back below $2,043.6 has brought in $224.8 of the decent pressure we are looking for. There are two key possible exhaustion areas on the way down to be aware of in the weeks ahead at $1,809.6-781.3 (moderate) and $1,690.5-76.7 (major). Seasonally this is typically consolidative/bearish into late December, and we typically see rallies from the 12/22-12/30 time window into late February. A final note: this bearish correction has been greater than any other in this bull trend, fulfilling minimum requirements for a ‘bona fide’ correction.
On a lower timeframe basis: We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $182.4. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $146.8. The decent trade below $1,863.9 has brought in $45.1 of the pressure warned about below so far before holding support at $1,819.9-9.3 with a $1,818.8 low and bouncing a bit. Decent trade back above $1,846.3-50.8 should bring in decent renewed strength, likely for days.
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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