Gold Still Bullish, Took Out September 2011 Highs 7/27/20
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 $756.1 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $592.7 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $321 so far. We took out the highs of September 2011 in the 19114-237 area. The next macro exhaustion comes in at $2,074.5-93.2.
On a shorter-term basis: The decent trade above $1,747.9-48.1 projected this upward $26 minimum, $74 (+) maximum. We have attained $191.6 of this. The decent penetration above $1,809.5 (-1 tic per/hour) projected this upward $16 (+). We have attained $130.2 so far. The break above $1,862.2 (-3 tics per/hour) projects this upward $20 (+)—we have seen $77.5 of this. The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum based off an ‘ok formed’ pattern; but if we break decently back below, look for decent pressure to come in (Note: I did not call this since inception Friday post close). This will come in at $1,899.0 today. A decent break above $1,938.9-40.6 (+1 tic per/hour starting at 8:20am) will project this upward $198 minimum, $280 (+) maximum based off of an ‘ok formed’ pattern; but if we break above here decently and back below decently, look for decent profit taking 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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