Gold Poised for Short Covering Within Bearishness into the AM. 9/20/21
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. This is 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. This is ON HOLD. These areON HOLD.A MACRO reminder, this macro bearish correction that we are in against the move up from November of 2015 is not scheduled to hold an exhaustion level until May of 2022.
On a lower timeframe basis: The decent trade below $1,821.4 (+2 tics per/hour) projected this downward $22 minimum, $38 (+) maximum. We attained $79.1.The decent trade below $1,802.2 (+.8 of a tic per/hour) projected this downward $26 (+).We have attained $59.9 so far. I would NOTE there are two more levels of possible exhaustion on the way down to contend with (IF this is a bearish correction, and not a trending structure) at $1,738.6-32.1 and $1,719.5-11.9.We are now in the ideal timeframe for one of these to hold and possibly start a new lower time frame bull structure. Today has a good likelihood of seeing range expansion. On the day, the break below $1,745.5 and back above is currently bringing in some of the short covering warned about that may have follow through into the AM.A $6.4 break above $1,767.8 will project this upward $25 (+), but will require a $6.4 stop back below.
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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