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Gold is Bullish, Broke Above a Major Pattern 8/2/22


On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. These are ONHOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macro bearish correction warned about before being put on hold and short covering off the low all the way up to almost take out the highs and rolling over again, being taken off hold.


On a lower timeframe basis: I warned there is major structural support in the $1,677.9-666.2 general area as well as lower timeframe exhaustion at $1,684.3-79.9--we held both of these on 7/21 with a $1,678.4 low and have rallied $118.9 into a lower timeframe bullish correction/trend. The decent trade above $1,719.0 (-2.2 per/hour) should bring in decent strength. We have seen $78.3. I would note there are areas of lower timeframe corrective exhaustion we now have to contend with on the upside at $1,804.5-6.0 and $1,838.8. The decent trade above $1,779.6 (-1.2 tics per/hour) projects this higher, likely much higher. We have attained $17.7 so far. If we break back below decently, look for decent pressure. This will come in at $1,776.7 (-1.2 tics per/hour starting at 5:00am).


NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold, Bitcoin, 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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