Gold price still projected lower

New York (Sept 22)  On a higher timeframe basis: I cautioned on 8/16/18 the break back 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 that warned of continued strength. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $215.  The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for.  I warned Friday this week has an even greater likelihood of seeing a range expansion—we have already exceeded last week’s range yesterday.  

On a lower timeframe basis: We held the lower timeframe exhaustion at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $115.8.  The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure.  We have seen $80.3 so far.  I have noted for the past few days that the Gold is entering into a historically bearish period through early October, and even into December.  Decent trade above $1,932.6-4.4 (+1 tic per/hour starting at 8:20am) changes the general picture and warns of decent short covering for days.


Gold Eagle twitter                Like Gold Eagle on Facebook