GOLD POISED FOR ANOTHER BREAKOUT 5/13/20
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 $605.1 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $441.3 of this so far. We are likely in the later stage of the bull structure from $1,046.8 upward. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $167.6 so far. These are now OFF HOLD. This week again warns of a range expansion.
On a shorter-term basis: The break above the $1,705.8 (-2.3 tics per/hour) projected this upward $28 minimum. We have attained $29.7 so far. This is now OFF HOLD as well. This comes in at $1,683.3 (-2.3 tics per/hour starting at 8:20am). Decent trade below $1,699.1 (+1 tic per/hour starting at 8:20am) will project this downward $27 minimum, $95 (+) 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 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.