Gold Still Bullish, Took out Exhaustion but Holding Next Exhaustion so far 7/22/20

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 $6836.1 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $519.8 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $248.1 so far. We took out the possible macro exhaustion at $1,836.3-47.8, which was a sign of continued strength. The next macro exhaustion is much higher at $2,074.5-93.2. However, we did hold a lower timeframe exhaustion on Globex at 18642-784 with a $1,866.8 high and started to roll over.

On a shorter-term basis: The decent trade above $1,747.9-48.1 projected this upward $26 minimum, $74 (+) maximum. We have attained $118.7 of this. The decent penetration above $1,809.5 (-1 tic per/hour) projects this upward $16 (+). We have attained $57.3 so far. Decent trade below $1,810.6 (+1.2 tics per/hour starting at 8:20am) will project this downward $57 (+); 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.

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