On a higher timeframe 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. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that came in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $238.2. The trade back below $2,043.6 has brought in $192.6 of the decent pressure we are looking for. I have noted since 9/15 that the Gold was entering into a historically bearish period through early October, and even into December. These are ON HOLD as well as we left a short-term bullish reversal mentioned below. Decent trade above $1,944.6-6.3 (+1 tic per/hour starting at 8:20am) would further change the general picture and warn of continued strength for days.
On a lower timeframe basis: I warned Monday that the $1,874.2-6.1 area was a key point of struggle, and if we gain more acceptance above here, we should see short covering—we saw this with the break above $1,879.3-80.9, and are likely in a lower timeframe bullish correction or trend against the move down from $1,983.8. Areas of possible exhaustion come in at $1,916.5-9.0 and $1,921.9-39.6. The near maintained gap higher yesterday also left a short-term bullish reversal below, so decent trade below $1,883.3 will be needed to negate this and open up the downside further to a likely run for $1,851.0 (-).
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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