GOLD for 3/12/20
We are currently in a correction/trend against the move up from 15640. A final area of possible exhaustion (if this is a correction and not a trend) comes in at 15940-16. However, since we took out 16373, this is a sign of weakness and warns the exhaustion area has a higher likelihood of being taken out. I said in the Post Market Synopsis that on the day, this went out bearish. Decent trade above 16832 (+3 tics per/hour starting at 8:20am) should bring in decent renewed strength. A maintained gap lower will leave a short-term bearish reversal above.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy complex. If you are interested, please feel free to reach out.