GOLD STILL PROJECTED HIGHER 6/29/20
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 $612.4 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $448.6 of this so far.
On a shorter-term basis: I warned there was a formation that came in at $1,775.9-$1,775.7, a decent break below which should bring in decent pressure and put bull calls on hold—we saw $21.7 of this before short covering back above the $1,769.5 (+1 tic per/hour) line, negating the pressure bias. The decent trade above $1,747.9-$1,748.1 projects this upward $26 minimum, $80 (+) maximum. We attained $48 of this before backing off the high and being put on hold. This is now OFF HOLD. I would be aware however, that once we take out $1,796.1, we will likely be in the final stretch of the bull trend from $1,671.7 on a lower timeframe, and also a higher timeframe from much lower—so I would be monitoring exhaustion levels above, and a break above and settlement back below $1,796.1 as an early termination. Decent trade below $1,764.9 (+2 tics per/hour starting at 8:20am) will project this downward $29 minimum, $54 (+) maximum; but if we break below here decently and back above decently, look for decent short covering.
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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