Gold is in a Bearish Correction/Trend 11/30/20
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. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. All of the above macro bullish formations are ON HOLD. 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 $322 into that correction. The trade back below $2,043.6 has brought in $276.5 of the decent pressure we are looking for. There are a number of key possible exhaustion areas on the way down to be aware of in the weeks ahead at $1,690.5-30.9 (major, which I have broken into two areas), $1,567.3 (major), $1,461.7-44.1 (major and also structurally major), and $1,268.8. That said, we left a significant bearish reversal above 11/24 that warned of continued pressure for days/weeks. We have seen $43.7 so far. Solid trade above $1,834.4 will negate this and warn of decent strength to come in, likely for days/weeks. 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.
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 $234.The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure.We have seen $198.5.The decent trade below $1,863.9 has brought in $96.7 of the pressure.
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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