Gold Still Bearish, but Needs to Take out $1,848.0 11/11/20
On a higher timeframe basis: I cautioned on 8/16/18 the break back 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 that warned of continued strength. We have seen $470.7. All of the above macro bullish formations are ON HOLD again. I noted we had a higher timeframe possible exhaustion to contend with that came in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $241.2. The trade back below $2,043.6 has brought in $195.6 of the decent pressure we are looking for. These are ON HOLD as well.
On a lower timeframe basis: We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $153.2. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $117.7. The decent trade back above $1,868.0-8.5 brought in $20.4 of the decent short covering warned about before failing the line this AM, resuming bearishness. However, this needs to take out $1,848.0 to open the downside further. If we break below $1,851.1-48.0 and back above, look for short covering to come in. I warned in the Post Market Synopsis that today has a good likelihood of being a range expansion day.
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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