GOLD STILL BULLISH UNLESS WE BREAK SUPPORT LINE 6/12/20
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. This is ON HOLD.
On a shorter-term basis: We have seen $63.1 of the short covering warned about above the $1,690.3-$1,691.0 area. The decent break above the $1,738.2 (-1 tic per/hour) line warns of continued strength. However, decent trade below $1,743.1 (+6 tics per/hour starting at 8:20am) will project this downward $25 (+), but this is steep and the risk/reward not great, so I would not lean against it as a short. If we break below here decently and back above decently, look for decent renewed strength to come in. I said in the Post Market synopsis that on the day itself this warns of follow-through profit taking off the high before (if) resuming higher trade—we saw $11.6 of this before resuming higher trade.
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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