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Gold in Lower Time Frame Correction Against Bullishness 2/10/21


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. On 4/2 we left a bullish reversal below. We have seen $470.7. The above bullish formations have been ON HOLD since 12/31/20. 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. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $234. The decent trade below $1,915.7 (+2 tics per/hour) brought in $114.9 of the $75 (+) maximum. The 1/8/21 move down suggests one of two things: 1.) this may be in a new macro bearish stretch, putting the bearish correction from $2,089.2 down back in play, or 2.) we may be building a higher level of consolidation up here—I think the first is more likely.


On a lower timeframe basis: The decent trade above $1,806.1 (-6 tics per/hour) warned of renewed strength. We have seen $50.5 of this .The maintained gap higher Monday left a short-term bullish reversal below that warns of continued higher trade, possibly for days. We have seen $31.4 so far. The decent trade above $1,837.8 (-2 tics per/hour) warns of continued higher trade—the potential is for $70 (+), but I would note this is based off an ‘ok formed’ formation, and you may use lower volume. However, are currently holding lower time frame exhaustion above at $1,857.4-60.4 with a $1,856.6 high, and have rolled over into a bearish correction against the move up from $1,784.6 . This could complete it's correction without violating the recent line below decently, but if we do this should continue to come off. This line comes in at $1,835.9 (-2 tics per/hour starting at 10:20am).


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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