Gold is in a Lower Time Frame Bearish Correction Within Recent Upward Move 4/26/21
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. 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. We have seen $470.7. These are OFF 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 $28.6 into a bearish correction.Areas of possible exhaustion for the correction come in at $1,769.5, $1,765.2-60.6, $1,752.1-1.8, and $1,740.5-37.8.We held the first of these preliminarily with a $1,769.5 low and bounced $13.6.Decent trade below $1,778.3 (+2.3 tics per/hour starting at 8:20am) will warn of decent pressure; but if we break below here decently and back above decently, look for decent short covering to come in.A maintained gap lower will leave a medium-term bearish reversal above.
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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