Gold Still Bullish in General, but Pulling Back from Exhaustion at 1,829.8-$1,830.9 7/13/20
On a macro basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $646.1 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $482.8 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $211.1 so far. However, we have been backing off the lower timeframe exhaustion mentioned below, and from a macro perspective looking back I would also note we came just shy of the higher timeframe exhaustion area above at 18363-478 by $6.5 before rolling over—so we will have to see if we continue to roll over or probe for higher exhaustion.
On a shorter-term basis: The decent trade above $1,747.9-$1,748.1 projected this upward $26 minimum, $74 (+) maximum. We have attained $81.7 of this. However, we held the $1,822.1-$1,830.9 lower timeframe exhaustion area with a $1,829.8 high and rolled over $33.3 within the overall bullishness. If we settle below $1,800.5, this will warn we are in the midst of a deeper correction. Decent penetration below $1,804.2 (+2 tics per/hour starting at 8:20am) will warn of renewed pressure.
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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