GOLD for 2/6/20
The decent trade back below 15882 has brought in $37.1 of the decent pressure warned about on the break back below. The decent trade below 15773-78 (+.8 of a tic per/hour) projects this downward $8 minimum, $82(+) maximum. We have attained $26.2 of this so far. The above bearish formations are also now ON HOLD as we broke above a lower timeframe bullish formation mentioned below. I said in the Post Market Synopsis that this may now be entering a lower timeframe bullish correction 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 $13.2 of this so far, but I said this is a bit steep to lean against. If we break back below decently, look for decent pressure to come in. This will come in at 15483-62 (-6 tics per/hour starting at 8:20am). There are areas of possible exhaustion for the lower timeframe correction that come in at 15722-48 15804 and higher—the lower of which is likely most substantial. Today has a decent likelihood of being a range expansion day. NOTE: this is only a small portion of the calls I provide my clients twice daily in the Gold and Energy spectrum. Please feel free to reach out if you are interested.