GOLD PRICE for 5/1/20
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 for the corrective move against the move down from $1,788.8 at $1,762.6 with a $1,764.2 high and have rolled over $88.2. The decent trade below 17225 (+3 tics per/hour) warned of renewed pressure—we have seen $46.5 so far. Decent trade back above here should bring in decent short covering. This will come in at 17296 (+3 tics per/hour starting at 8:20am).
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.