GOLD PRICE for 4/22/20
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. These are now ON HOLD. We are likely in the later stage of the bull structure from $1,046.8 upward.
On a shorter-term basis: On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $167.6 so far. The near maintained gap lower on 4/15 put this on hold. On 4/17 we left a short-term bearish reversal above that warned of additional pressure, likely for days, and put this in a bearish correction against the move up from $1,453.8. We saw $48.5 of this over three days before holding exhaustion $1,675.4-60.5 with a $1,666.2 low and bounced $58.8. Decent trade back above $1,726.3 will negate bearish formation above and warn of a run for $1,788.5 (+), reestablishing overall bullishness. I said in the Post Market Synopsis that all the above said, we will likely see some choppy upside trade overnight, correcting more of the move from $1,788.8 down, before (if) resuming lower trade—we are seeing some of this presently with a $33.8 higher call as of 4:54am. Decent trade above $1,718.0 will project this upward $51 (+), but can withstand $13 of violation and remain valid. A final note: A maintained gap higher today will also leave a short- term bullish reversal below.
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.