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GOLD POISED FOR PRESSURE AGAIN 5/11/20


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. These are now ON 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) projects this upward $28 minimum, $41 (+) maximum. We have attained $29.7 so far. This is now ON HOLD as well. Decent trade back below where this comes in today at $1,694.9 (-2.3 tics per/hour starting at 8:20am) should bring in decent pressure. Decent trade above $1,715.5 (-1.6 tics per/hour) will take the bull call off hold. Decent trade below $1,688.1 (+.6 of a tic per/hour staring at 8:20am) will project this downward $48 minimum, $122 (+) maximum based off a well-formed formation; but if we break below here decently and back above decently, look for decent short covering to come in. I said in the Post Market Synopsis on Friday that this did not go out looking strong on the day—we are called $8 lower as of 5:27am.


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.