Gold Still Bullish Overall 8/3/20
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 $825.8 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $662.5 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $391 so far. The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum based off an ‘ok formed’ pattern. We have seen $110.5 (including a spread differential of roughly $20). This will come in at $1,906.5 today. If we break decently back below, look for decent pressure to come in, likely for days/weeks.
On a shorter-term basis: Decent trade below $1,975.8 will project this downward $33.5 but will require a $1,984.4 stop. Decent trade below $1,971.4 (+4 tics per/hour starting at 8:20am) will put this below a steep formation that will also warn of continued pressure. 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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