GOLD POISED FOR LOWER TRADE 6/18/20
On a macro basis: The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $441.3 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $167.6 so far. These are ON HOLD.
On a shorter-term basis: We have seen $63.1 of the short covering warned about above the $1,690.3-$1,691.0 area. This is ON HOLD. The decent trade below $1,739.6 (-.6 of a tic per/hour at 8:20am) now warns of decent pressure, and likely run for $1,706.5 (-)--although this is not a projection, but a good likelihood. Decent trade below $1,724.1 (+2 tics per/hour starting at 8:20am) will project this downward $26 minimum, $54 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in.