GOLD IN BULLISH CORRECTION/TREND 6/10/20
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. 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.
On a shorter-term basis: We are likely in a lower timeframe correction/trend against the move down from $1,761.0. We have seen $38.4 of the short covering warned about above the $1,690.3-$1,691.0 area. The final exhaustion area above comes in at $1,741.9, although a decent break above $1,729.0 on the way up will make this less likely to hold and suggest this is trending move, not corrective. The maintained gap higher yesterday was also a sign of strength coming into the day.
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.
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