Gold is in a Bearish Correction Within Recent Upward Move 4/22/21
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. The above bullish formations are ON HOLD. I noted we had a higher timeframe exhaustion to contend with that came in at $2,071.6-93.2 that had the potential to bring in a bearish correction—we held this at $2,089.2 and rolled over $412.8. The trade back 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 decent trade below $1,915.7 (+2 tics per/hour) brought in $238.3 of pressure. We held lower time frame exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $179.2. The above formations are ON HOLD. The trade above $1,688.2 (+.3 of a tic per/hour) warned of solid strength, likely for days/weeks. We have seen $110.2 so far.
On a lower timeframe basis: The decent break above $1,705.6 also warned of continued strength for days/weeks. We have seen $93.8 of this so far. On 4/1 we also left a short-term bullish reversal below. The decent trade above $1,724.9-5.2 (-1.2 tics per/hour) projects this upward $37 (+). We have attained $74.1 of this so far. The decent trade above $1,747.6 has brought in $51.8 of strength. However, within these bull calls I cautioned we have held lower timeframe exhaustion with a $1,798.1 high a second time and have rolled over $22 into a likely bearish correction, with failure below $1,790.4-88.7 giving added confirmation. Areas of possible exhaustion come in at $1,769.5, $1,760.6, $1,752.1-1.8, and lower. The upper of these comes right in around the trendline that also comes in at $1,769.0 (+2.3 tics per/hour starting at 6:00pm); a decent break below which will project this downward $42 minimum, $50 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. Tomorrow has a good likelihood of seeing range expansion.
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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