Gold Poised for Lower Trade 3/29/21
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. The above bullish formations have been ON HOLD since 12/31/20. 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 have rolled over $412.8 into that correction. The trade back below $2,043.6 has brought in $366.2 of the decent pressure we were looking for. 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. These are now ON HOLD as well (see below). Decent trade below $1,686.4 (+.3 of a tic per/hour starting at 8:20am) should bring in decent pressure for $74 (++).This week has a good likelihood of seeing range expansion.
On a lower timeframe basis: Decent trade below $1,728.4 (+.6 of a tic per/hour starting at 8:20am) will warn of decent pressure, but this is based off an ‘ok formed’ formation and I would use less volume. Decent trade above $1,753.9 (+ 2 tics per/hour starting at 8:20am) should bring in decent strength. Today 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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