Gold is Bullish but Poised for Short-Term Pressure into the AM.
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. We held an exhaustion within this at $1,275.6-$1,269.0 with a $1,274.6 low and have rallied $814.6. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. We held another exhaustion within this at $1,416.0-$1,413.7 with a $1,412.1 low and rallied $676.9. 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. These are OFF 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. These are ON HOLD.
On a lower timeframe basis: The trade above $1,688.2 (+.3 of a tic per/hour) warned of solid strength, likely for days/weeks. We have seen $231 so far. The trade above $1,705.6 brought in $204.4 of strength. The trade above $1,724.9-5.2 (-1.2 tics per/hour) has brought in $193.9 of this. The trade above $1,747.6 has brought in $171.5 of strength. We held exhaustion below at $1,754.2-50.7 with a $1,754.6 low and bounced $164.5. The decent trade above $1,836.1 (-.5 of a tic per/hour) projects this upward $30 minimum, $213 (++) maximum. We have attained $83 so far. The decent trade above $1,885.1 (-.6 of a tic per/hour) warned of renewed strength. We have seen $34.1 so far. These are OFF HOLD. I cautioned there was an area of moderate exhaustion to contend with at $1,909.4-14.2--we held this with a $1,915.6 high and rolled over $31.3 before short covering off the low and taking it out. The near maintained gap lower on 5/27 left a short-term bearish reversal above that warned of decent pressure. We saw $14.2 of this before seeing decent trade back above $1,901.6, which negated it and brought $17.6 of the renewed strength warned about above. Although we are called $5.9 higher as of 5:41am, the break above $1,915.6 and back below warns we may see some pressure from here into the AM.
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