Gold is Short Term Bearish 5/5/21
Updated: May 7, 2021
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. The above formations are ON HOLD. 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. The trade 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 trade below $1,915.7 (+2 tics per/hour) brought in $238.3 of pressure. We held 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 $111.3 so far. This is ON HOLD.
On a lower timeframe basis: The trade above $1,705.6 brought in $93.9 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) projected this upward $37 (+). We have attained $74.3 of this. The trade above $1,747.6 has brought in $51.9 of strength. We held exhaustion below at $1,754.2-50.7 with a $1,754.6 low and bounced $44.39.These are ON HOLD. The failure back below $1,782.7 has brought in $13.5 tics of the renewed pressure we are now looking for—likely down toward $1,755.0 (-). This will come in at $1,781.1 (-.7 of a tic per/hour starting at 8:20am).
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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