Gold Still Pulling Back from Exhaustion at 1,829.8-$1,830.9, on Verge of New Breakdown
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. These are ON HOLD. We have been backing off the lower timeframe exhaustion mentioned below, and from a macro perspective 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. This is ON HOLD. We held the $1,822.1-$1,830.9 lower timeframe exhaustion area with a $1,829.8 high and rolled over $38.7. We settled below $1,800.5 which is a warning we are in the midst of a deeper correction, but we just barely settled below here. The decent penetration below $1,808.3 (+2 tics per/) line warns of renewed pressure, but we have been traveling up testing this. This will come in at $1,819.9 (+2 tics per/hour starting at 6:00pm). Decent trade back above should bring in renewed strength and a likely run for $1,829.5 (+). Decent trade below $1,799.2 (+1.2 tics per/hour starting at 6:00pm) will project this downward $25 minimum, $50 (+) maximum; but if we break below here decently and back above decently, look for decent short covering 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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