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Gold Poised for Short Covering 12/14/20




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 came 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 $322 into that correction. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $198.5. These have been ON HOLD since we left the short-term bullish reversal mentioned below. The solid trade above $1,834.4 warned of continued strength. We saw $45.4 of this before rolling over and negating it this AM. I said in the Post Market Synopsis Friday that on the week this warns of further pressure—we saw $23.6 of this in the pre-open before short covering off the low, but please see paragraph below.


On a lower timeframe basis: On 12/1 we left a short-term bullish reversal below. We have seen $66.9. However, the break back above $1,830.0-32 now warns of higher trade again, likely for a run toward $1,851.0 (+). Decent trade back below $1,830.0-32 will project this downward $21 minimum, $50 (+) maximum.


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 MoorNOTE: 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.

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