Gold Still Projected Higher, but Watching Major Possible Exhaustion Above 8/5/20
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 $871.7 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $710.4 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $436.9 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 $156.4 (including a spread differential of roughly $20). The decent trade above $2,031.5 warns of continued higher trade—we have seen $23.9 so far. If we break back below decently, look for decent pressure to come in. I would also be aware we have higher timeframe possible exhaustion above to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction, so I would monitor this on the way up.
On a shorter-term basis: Decent trade below $2,020.7 (+2 tics per/hour starting at 8:20am) should bring in decent profit taking. Decent trade below $1,997.1 (+4.3 tics per/hour starting at 8:20am) will project this downward $61 minimum, $71 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. We are called $29.5 higher as of 5:34am EST.
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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