Gold Seeing Pressure Within Bullish Projections 1/6/21
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. We held another exhaustion within this at $1,416.0-$1,413.7 with a $1,412.1 low and rallied $676.9. On 4/2 we left a bullish reversal below. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above bullish formations were on hold since early August, and OFF HOLD since Thursday. 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 $322 into that correction. The trade back below $2,043.6 has brought in $276.5 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 $234. These have been ON HOLD since we left the short-term bullish reversal mentioned below.
On a lower timeframe basis: On 12/1 we left a short-term bullish reversal below. We have seen $148.1. The break back above $1,830.0-30.2 warned of higher trade—we have seen $130.8. The decent trade above $1,868.4 (-.5 of a tic per/hour) projects this upward $19 minimum, $104 (+) maximum. We have attained $92.6 so far. The decent trade above $1,893.2-7.2 (-1 tic per/hour) projects this upward $15 minimum, $159 (+) maximum. We have attained $63.8 so far. We are called $6.4 higher as of 5:02am. Look for pressure to come in below $1,959.0-6.0. Decent trade below $1,908.8-6.4 (+2 tics per/hour starting at 8:20am) will project this downward $53 minimum, $77 (+) maximum; but if we break below here decently and back above decently, look for renewed strength to come in.
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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