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Gold Short Term Bullish, Unless We Take Out Line Below 8/19/20


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. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that comes 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 $215. The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for, likely for days/weeks. This will come in at $2,063.4 today. These medium-term bearish formations also are now ON HOLD.


On a lower timeframe basis: On 8/11 we left a lower timeframe reversal above that warned of decent pressure, likely for days. We have seen $115.4 so far. This is ON HOLD. Monday, we left a lower timeframe bullish reversal below that warned of decent renewed strength, possibly for days. We have seen $55 so far. This will have greater credibility once we take out $2,037.3. I noted in the Post Market Synopsis yesterday that on the day this warned of profit taking before (if) resuming higher trade –we have seen $25.1 of this. Decent trade below $2,012.3 (+10 tics per/hour starting at 8:20am) will warn of pressure; decent trade above should bring in renewed strength.


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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