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Gold Still Projected Higher, but Currently Holding Major Possible Exhaustion Above 8/7/20

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 $905.5 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.4 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 $190.2 (including a spread differential of roughly $20). The decent trade above $2,031.5 warns of continued higher trade—we have seen $57.7 so far. If we break back below decently, look for decent pressure to come in. I also noted we have higher timeframe possible exhaustion to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we have rejected out of this three times now at $2,070.3, $2,081.8, and last night at $2,089.2 for $33.7--so we will have to see whether this is temporary or we continue to hold it and roll over, but this has a more bearish outlook short term coming out of the gate.

On a shorter-term basis: Decent trade below $2,018.4 (+4.3 tics per/hour starting at 8:20am) will project this downward $78 (+); but if we break below here decently and back above decently, look for decent short covering to come in. A maintained gap lower will leave a short-term bearish reversal above that will warn of decent pressure, likely for days, but this will be more effective once/if we take out $2.021.0.

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.

Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor

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