Search
  • Moor Analytics

GOLD ABOUT ON VERGE OF ANOTHER BREAKDOWN UNLESS WE TAKE OUT FORMATION ABOVE 5/7/20


On a macro basis: The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $441.3 of this so far. We are likely in the later stage of the bull structure from $1,046.8 upward. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $167.6 so far. These are ON HOLD. This week has a good likelihood of being a range expansion week.

On a shorter-term basis: We held the last possible exhaustion area for the corrective move against the move down from $1,788.8 at $1,762.6 with a $1,764.2 high and have rolled over $88.2. The decent trade below $1,722.5 (+3 tics per/hour) warned of renewed pressure—we have seen $46.5 so far before short covering off the low and rolling over again. The decent trade below $1,707.5 (+2 tics per/hour) has brought in $24.5 of the decent renewed pressure we are looking for below. Decent trade below $1,685.0 (+.6 of a tic per/hour staring at 8:20am) will warn of continued lower trade, likely for days; but if we break below here decently and back above decently, look for decent short covering to come in. Decent trade above $1,706.5 (-2.3 tics per/hour starting at 8:20am) will project this upward $28 minimum, $55 (+) maximum; but if we break above here decently and back below decently, look for decent profit taking to come in.


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

0 views