GOLD PRICE for 6/8/20
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. 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.
On a shorter-term basis: The failure back below $1,724.8 (-2 tics per/hour) has brought in $53.1 of the decent pressure warned about on the break back below. This line comes in at $1,710.6 (-2 tics per/hour starting at 8:20am). Decent trade back above will negate the pressure bias. Within this, we are currently seeing some of the short covering warned about in the Post Market Synopsis above the $1,690.3-$1,691.0 area with a $16.1 higher call as of 3:12am 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.
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