Gold price is getting ready to move
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On a macro basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength.Â We have seen $605.1 of this.Â The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum.Â We have attained $441.3 of this so far.Â We are likely in the later stage of the bull structure from $1,046.8 upward.Â These are ON HOLD.Â
On a shorter-term basis:Â We held the last possible exhaustion area for the corrective move against the move down from $1,788.8 at $1,762.6 with a $1,764.2 high and have rolled over $88.2.Â The decent trade below 17225 (+3 tics per/hour) warned of renewed pressureâ??we have seen $46.5 so far before short covering off the low.Â Decent trade back above where this line comes in today at 17367 (+3 tics per/hour starting at 8:20am) should bring in decent strength. However, there is a formation coming in slightly lower today at 17361 (-1.5 tics per/hour starting at 8:20am), a decent trade above which will project this upward $64 (++)â??so taking these both out around the same time should be additionally powerful for an upward move.Â
NOTE: This is a small portion of a more detailed analysis I provide my clients twice daily.Â ‘Decent’ penetrations of areas are specific amounts emailed to clients each morning.Â If you are interested, please feel free to reach out to me.
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