GOLD PRICE for 5/6/20
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 $1,722.5 (+3 tics per/hour) warned of renewed pressure—we have seen $46.5 so far before short covering off the low. Decent trade above $1,712.3 (-2.3 tics per/hour starting at 8:20am) will warn of decent short covering; but if we break above here decently and back below decently, look for decent profit taking to come in. Decent trade above $1,728.5 (-1.5 tics per/hour starting at 8:20am) will project this upward $64 (++). Decent trade below $1,707.5 (+2 tics per/hour starting at 8:20am) will warn of decent renewed pressure based off a small, ‘ok formed’ formation.
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.