Gold price is projected lower

January 9, 2021

New York (Jan 9)  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. 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. All of the above bullish formations were on hold since early August, and OFF HOLD since Thursday. 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. The trade back below $2,043.6 has brought in $276.5 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 $234. These have been ON HOLD since we left the short-term bullish reversal mentioned below.

On a lower timeframe basis: On 12/1 we left a short-term bullish reversal below. We attained $149.6. The break back above $1,830.0-30.2 warned of higher trade—we attained $132.3. The decent trade above $1,868.4 (-.5 of a tic per/hour)projected this upward $19 minimum, $100 (+) maximum. We attained $94.1 . The decent trade above$1,893.2-7.2 (-1 tic per/hour) projected this upward $15 minimum, $154 (+) maximum.We attained $65.3. I would no longer be looking for more from these formations. The decent trade below $1,915.7 (+2 tics per/hour) projects this downward $19 minimum, $75 (+) maximum. We have attained $77.2 of this so far. I warned in the Post Market Synopsis that today has a good likelihood of being a range expansion day—we have already exceeded 5X yesterday’s range including GLOBEX. The maintained gap lower also left a short term bearish reversal above.


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