Gold is Bullish 5/7/21
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. The above formations are ON HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macro bearish correction warned about. The trade below $2,043.6 has brought in $366.2. We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $323.8. The trade below $1,915.7 (+2 tics per/hour) brought in $238.3 of pressure. We held exhaustion above at $1,857.4-60.4 with a $1,856.6 high and rolled over $179.2. The above formations are ON HOLD. The trade above $1,688.2 (+.3 of a tic per/hour) warned of solid strength, likely for days/weeks. We have seen $135.3 so far.
On a lower timeframe basis: The trade above $1,705.6 brought in $117.9 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) projected this upward $37 (+). We have attained $98.3 of this. The trade above $1,747.6 has brought in $75.9 of strength. We held exhaustion below at $1,754.2-50.7 with a $1,754.6 low and bounced $68.9. I would be aware of possible exhaustion at $1,825.5-29.8—If we take this out, it changes the picture of this upward move from $1,673.3 and suggests we are likely in an earlier stage of a larger move. Decent trade below $1,791.8-1.7 should bring in decent pressure. Decent trade below $1,777.1 (+1.5 tics per/hour starting at 8:20am) will project this downward $47 minimum, $66 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold, Bitcoin, 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