GOLD PRICE for 4/30/20
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 ON HOLD.
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. This is ON HOLD. We held the last possible exhaustion area (if this is a corrective move against the move down from $1,788.8) at $1,762.6 with a $1,764.2 high and have rolled over $60.1 before short covering off the low. The trade at $1,704.8 failed to bring in a run back down toward $1,665 (-), and was violated with trade at $1,730.0. The market is in choppy consolidation here looking for a confirming break in either direction. Decent trade above 17437 (-1.5 tics per/hour starting at 8:20am) will warn of continued strength, likely for $45 (++); but if we break above here decently and back below decently, look for decent renewed pressure to come in. Decent trade below 17225 (+3 tics per/hour starting at 8:20am) will warn of renewed pressure. Today has a good likelihood of being a range expansion day.
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.