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Writer's pictureMoor Analytics

GOLD STILL BULLISH UNLESS WE BREAK SUPPORT LINE 6/12/20


On a macro basis: The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $441.3 of this so far. This is ON HOLD.

On a shorter-term basis: We have seen $63.1 of the short covering warned about above the $1,690.3-$1,691.0 area. The decent break above the $1,738.2 (-1 tic per/hour) line warns of continued strength. However, decent trade below $1,743.1 (+6 tics per/hour starting at 8:20am) will project this downward $25 (+), but this is steep and the risk/reward not great, so I would not lean against it as a short. If we break below here decently and back above decently, look for decent renewed strength to come in. I said in the Post Market synopsis that on the day itself this warns of follow-through profit taking off the high before (if) resuming higher trade—we saw $11.6 of this before resuming higher trade.


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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