Gold is Short Term Bullish 5/6/22
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. This is OFF HOLD.
On a lower timeframe basis: I warned on 4/18 that this went out weak on the day and poised for lower trade, and on 4/19 further left a minor bearish reversal above—we have come off $136.7. The decent trade below $1,941.4 (+1 tic per/hour) warned of decent pressure. We have seen $91.7. The maintained gap lower on 5/2 left a minor bearish reversal above. These are ON HOLD. Yesterday we left the minor bullish reversal warned about below. However, I warned that despite that, on the day the sell-off from the highs of the day was substantial and may see some follow-through before (if) resuming higher—we came off an additional $10.7 before short covering off the low. Decent trade below $1,871.1 will negate the minor bearish below. ‘Decent’ will be $10 on GLOBEX/pre-open.
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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