Search

Gold in Consolidation Between Formations 1/26/21


On a higher timeframe basis: I cautioned on 8/16/18 the break 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. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above bullish formations are ON HOLD since 12/31/20. I noted we had a higher timeframe exhaustion to contend with that came in at $2,071.6-93.2 that had the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $322 into that correction.The trade back below $2,043.6 has brought in $276.5 of the decent pressure we were looking for.We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $234.The 1/8/21 move down suggests one of two things: 1.) this may be in a new macro bearish stretch, putting the bearish correction from $2,089.2 down back in play, or 2.) we may be building a higher level of consolidation up here—I think the first is more likely.These are now ON HOLD (see below).


On a lower timeframe basis: The decent trade below $1,915.7 (+2 tics per/hour) brought in $114.9 of the $75 (+) maximum. This is ON HOLD. We held downside exhaustion at $1,809.0-04.4 with a $1,800.9 low and rallied $73.7 into a bullish correction/trend. The break above $1,820.0-17.1 brought in $54.5 of strength. The decent trade above $1,848.0 (-1 tic per/hour) projects this upward $17 minimum, $42 (+) maximum. We attained $26.5 before rolling over. HOWEVER, I warned that there are corrective areas of exhaustion to contend with on the way up, and if one of these holds it has the potential to start a new bear structure IF this is a correction. We held the lower one Thursday with a $1,874.6 high and rolled over $31.7 so far. Decent trade below $1,853.8 (+3.3 tics per/hour) will warn of pressure, but this is a minor formation, and I will stop short of suggesting shorting below. Decent trade below $1,839.1 (-1 tic per/hour starting at 8:20am) should bring in decent pressure.


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 MoorNOTE: 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.