Gold Still Projected Higher Within Macro Bearish Correction 12/18/20
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.
On a lower timeframe basis: On 12/1 we left a short-term bullish reversal below. We have seen $80.9.The break back above $1,830.0-30.2 warned of higher trade—we have seen $63.6. The decent trade above $1,868.4 (-.5 of a tic per/hour)projects this upward $19 minimum, $116 (+) maximum. We have attained $33.6 so far before rejecting out of the gap above.If we break back below decently, look for decent pressure to come in. This will come in at $1,866.7 (-.5 of a tic per/hour starting at 8:20am). REMINDER:The 22nd of December through the 31st of December marks a window of the start to a fairly consistent bullish seasonality over the past 10 years that often lasts through the third week of February…
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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