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Gold Still Pulling Back from Exhaustion at 1,829.8-$1,830.9, on Verge of New Breakdown

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 $646.1 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $482.8 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $211.1 so far. These are ON HOLD. We have been backing off the lower timeframe exhaustion mentioned below, and from a macro perspective we came just shy of the higher timeframe exhaustion area above at 18363-478 by $6.5 before rolling over—so we will have to see if we continue to roll over or probe for higher exhaustion.

On a shorter-term basis: The decent trade above $1,747.9-$1,748.1 projected this upward $26 minimum, $74 (+) maximum. We have attained $81.7 of this. This is ON HOLD. We held the $1,822.1-$1,830.9 lower timeframe exhaustion area with a $1,829.8 high and rolled over $38.7. We settled below $1,800.5 which is a warning we are in the midst of a deeper correction, but we just barely settled below here. The decent penetration below $1,808.3 (+2 tics per/) line warns of renewed pressure, but we have been traveling up testing this. This will come in at $1,819.9 (+2 tics per/hour starting at 6:00pm). Decent trade back above should bring in renewed strength and a likely run for $1,829.5 (+). Decent trade below $1,799.2 (+1.2 tics per/hour starting at 6:00pm) will project this downward $25 minimum, $50 (+) maximum; but if we break below here decently and back above decently, look for decent short covering 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.

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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