Gold Poised for Short Covering 12/14/20
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. 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 $322 into that correction. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $198.5. These have been ON HOLD since we left the short-term bullish reversal mentioned below. The solid trade above $1,834.4 warned of continued strength. We saw $45.4 of this before rolling over and negating it this AM. I said in the Post Market Synopsis Friday that on the week this warns of further pressure—we saw $23.6 of this in the pre-open before short covering off the low, but please see paragraph below.
On a lower timeframe basis: On 12/1 we left a short-term bullish reversal below. We have seen $66.9. However, the break back above $1,830.0-32 now warns of higher trade again, likely for a run toward $1,851.0 (+). Decent trade back below $1,830.0-32 will project this downward $21 minimum, $50 (+) maximum.
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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