Search
  • Moor Analytics

Gold in Consolidation Within Bearish Correction 8/17/20


On a macro basis: I cautioned on 8/16/18 the break back 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 so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.4 so far. The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum based off an ‘ok formed’ pattern. We have seen $190.2 (including a spread differential of roughly $20). The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum. We have seen $190.2. The line for this comes in at $1,915.4 today. All of the above bullish formations are now ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $215 so far. The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for, likely for days/weeks. This will come in at $2,057.3 today.

On a lower timeframe basis: The decent trade below $2,042.4 (+4.3 tics per/hour) put this below a steep formation that projects this downward $23 minimum, $65 (+) maximum. We have attained $168.2 of this so far. On 8/11 we left a lower timeframe reversal above that warned of decent pressure, likely for days. We have seen $115.4 so far. Trade below $1,939.1 is a sign of weakness. Trade below $1,919.7 is an additional sign of renewed weakness. Today has a good likelihood of being a range expansion day. NOTE: a maintained gap higher today will leave a lower timeframe bullish reversal below that will warn of decent renewed strength, possibly for days, but this will have greater credibility once we take out $2,039.7.


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 Moor