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Gold is Bearish, Poised for Additional Breakdown

6/25/24

 

On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength.  We have seen $1,270.5.  The solid trade above 21475-84 projects this upward $151 minimum, $954 (+) maximum.  We have attained $305.8.  The above are ON HOLD.  I would NOTE: we are likely in higher timeframe bearish correction against the move up from 19001 .


On a lower timeframe basis:  The trade below 24343 (+1.3 tics per/hour) has brought in $130.1 of pressure.  Decent trade below 23335 (+1 tic per/hour) will project this downward $16 minimum, $55 (+) maximum.  HOWEVER, at the same time I would note we are likely in the last stretch of the move down from 24770, with areas of possible exhaustion at 22830-758, 22566-57, and lower.  Today has a good likelihood of seeing range expansion.


NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold, Bitcoin, S&P 500, 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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