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Gold is Projected Lower 9/17/20

On a higher timeframe 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. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. All of the above macro bullish formations are 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. The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for. These are now OFF HOLD. This week has a good likelihood of being a range expansion week.

On a lower timeframe basis: We held the lower timeframe exhaustion at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $89.5. This is OFF HOLD as well. The decent trade above $1,963.3 (-1.5 tics per/hour) brought in $20.5 of the $19 minimum, $175 (+) maximum we were looking for before failing below $1,965.7 (+3 tics per/hour), which I warned should bring in decent pressure. We have seen $22.6 so far. We have also broken below the where the original bullish formation line came in at $1,955.5 (-1.5 tics per/hour), which also warns of pressure. I have noted for the past few days that the Gold is entering into a historically bearish period through early October, and even into December, and if we broke below these, the pressure on the downside could have good follow-through. Decent trade back above where the bearish formation comes in at $1,969.0 (+3 tics per/hour starting at 8:20am) should bring in decent renewed strength. Decent trade above $1,984.3-5.7 (+.4 of a tic per/hour starting at 8:20am) will project this upward $40 (+). We are called $24.3 lower as of 5:56am. The S&P 500 is poised to come off a well.

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

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