On a macro basis: 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. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $167.6 so far. These are ON HOLD. This week has a good likelihood of being a range expansion week.
On a shorter-term basis: 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 before short covering off the low. Decent trade back above where this line comes in today at 17367 (+3 tics per/hour starting at 8:20am) should bring in decent strength. However, there is a formation coming in slightly lower today at 17361 (-1.5 tics per/hour starting at 8:20am), a decent trade above which will project this upward $64 (++)—so taking these both out around the same time should be additionally powerful for an upward move. If we break above 17361 (-1.5 tics per/hour starting at 8:20am) decently and back below decently, look for decent renewed pressure to come in. Gold is called $14.8 higher as of 5:09am EST.
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.