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Gold Bearish Unless We Break Back Above Breakdown Formation 9/8/20

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. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe exhaustion that came 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. The decent trade below $1,943.3-1.7 (+1.5 tics per/hour) now projects this downward $65 minimum, $210 (+) maximum based off a well-formed formation; but if we break back above decently, look for decent short covering to come in. This will come in at $1,948.7-50.4 (+1.5 tics per/hour starting at 8:20am).

On a lower timeframe basis: We held the final area of possible exhaustion at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $79.6. The decent break below $1,990.6 (+1.4 tics per/hour) warned of decent pressure—we have seen $69 so far. Decent trade above $1,956.6 will project this upward $35 (+) but will require a $1,946.8 stop. Decent trade above $2,006.2 (+1.4 tics per/hour starting at 8:20am) will project this upward $78 (+).

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.

Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor

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