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Gold is Short Term Bearish 6/7/21


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. We held an exhaustion within this at $1,275.6-$1,269.0 with a $1,274.6 low and have rallied $814.6. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. We held another exhaustion within this at $1,416.0-$1,413.7 with a $1,412.1 low and rallied $676.9. On 4/2 we left a bullish reversal below. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. These are ON HOLD. 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. The trade below $2,043.6 has brought in $366.2. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $323.8. The trade below $1,915.7 (+2 tics per/hour) brought in $238.3 of pressure. These are ON HOLD. Decent trade below $1,861.7 (+1.5 tics per/hour starting at 9:20am) will project this downward $41 minimum, $84 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in.


On a lower timeframe basis: The trade above $1,688.2 has brought in $231 of strength. Trade above $1,705.6 has brought in $204.4 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) has brought in $193.9. The trade above $1,747.6 has brought in $171.5 of strength. We held exhaustion below at $1,754.2-50.7 with a $1,754.6 low and bounced $164.5. The decent trade above $1,836.1 (-.5 of a tic per/hour) projects this upward $30 minimum, $213 (++) maximum. We have attained $83 so far. These are ON HOLD. We are in a lower timeframe bearish correction. The decent trade below $1,908.5 (+2.8 tics per/hour) has brought in $52.9 of the decent pressure warned about. The decent trade below $1,902.4 (+2 tics per/hour) has brought in $46.8 of pressure before holding possible exhaustion at $1,856.3 with a $1,855.6 low, rallying, and rejecting out of the gap above with the failure back below $1,896.2. The ideal timeframe for an exhaustion area to hold for this bearish correction (if it is one) is not until after June 11. Decent trade below $1,861.7 (+1.5 tics per/hour starting at 8:20am) will project this downward $41 minimum, $83 (+) maximum.


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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