GOLD for 2/10/20
I warned in the Post Market Synopsis on 2/5 that this may now be entering a lower time frame bullish correction (or trend) against the move down from 15985 before (if) resuming lower trade. The decent trade above 15537-56 (-6 tics per/hour) warned of decent short covering—we have seen $24.6 of this so far. There are areas of possible exhaustion that come in at 15804 and 15860-99. We held the lower of these with a 15802 high and rolled over $8.7 before rallying off the low. I would note: the maintained gap higher Thursday bolsters this upward move. Decent trade above 15867-77 (+.8 of a tic per/hour starting at 8:20am) will further negate the formation we broke down from at 15773-78 and open the upside further to continued strength. NOTE: this is just a small portion of the market calls I provide twice daily to my clients in the Gold and Energy complex. Please feel free to reach out if interested.