Gold is bullish within macro bearish correction

New York (Feb 22)  n 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 $330.8 into that correction. The trade back below $2,043.6 has brought in $285.3 of the decent pressure we were looking for. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $242.8. The decent trade below $1,915.7 (+2 tics per/hour) brought in $123.7 of the $75 (+) maximum. This is in a macro bearish stretch of the bearish correction from $2,089.2 down. These are now ON HOLD as well.

On a lower timeframe basis: We held lower time frame exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $97.6. The line we broke below on 2/11 at $1,827.6 has brought in $68.6 of pressure. The decent trade below $1,788.6-8.4 warned of continued pressure. We saw $29.4 of this before short covering off the low, but the decent trade back above where it came in today at $1,789.6-9.7 now warns of decent renewed strength, likely for days.


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