GOLD PROJECTED LOWER UNLESS WE TAKE OUT LINE ABOVE 5/22/20
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. 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 decent trade below $1,730.4 (+2 tics per/hour) projects this downward $55 minimum, $171 maximum based off an ‘ok formed’ formation; but if we break back above decently, look for decent short covering to come in, likely back toward $1,775 (+)—this will come in at 17345 (+2 tics per/hour starting at 8:20am). We have short covered pretty hard off of yesterday’s low and traveled back up through most of yesterday’s range, coming just shy of the stop above where the line came in at 17335 (+2 tics per/hour) before rolling over—so this needs to keep rolling over here. I would not sell approaching the stop again. Decent trade below $1,718.8 (+1 tic per/hour starting at 8:20am) will project this downward $23 minimum, $95 maximum based off a ‘well-formed’ formation; but if we break below here decently and back above decently, look for decent short covering to come in.
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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