Gold is Retesting Key Formation Line 8/3/22
On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. These are ONHOLD. 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 before being put on hold and short covering off the low all the way up to almost take out the highs and rolling over again, being taken off hold.
On a lower timeframe basis: I warned there is major structural support in the $1,677.9-666.2 general area as well as lower timeframe exhaustion at $1,684.3-79.9--we held both of these on 7/21 with a $1,678.4 low and have rallied $126.6 into a lower timeframe bullish correction/trend. The decent trade above $1,719.0 (-2.2 per/hour) warned of decent strength. We have seen $86. The decent trade above $1,779.6 (-1.2 tics per/hour) projects this higher, likely much higher we attained $25.4. I noted there are areas of lower timeframe corrective exhaustion we now have to contend with on the upside at $1,804.5-6.0 and $1,838.8. We held the lower of these with a $1,805.0 high and have rolled over $33.6. If we break back below $1,773.1 (-1.2 tics per/hour starting at 10:20am EST) decently, look for decent pressure--likely for days. I warned in the Post Market Synopsis that on the day this went out warning of pressure before (if) resuming higher trade—we came off $18.3.
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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