Gold now projected lower 5/22/20
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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 $605.1 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $441.3 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $167.6 so far. These are ON HOLD.
On a shorter-term basis: The decent trade below $1,730.4 (+2 tics per/hour) projects this downward $55 minimum, $171 maximum based off an ‘ok formed’ formation; but if we break back above decently, look for decent short covering to come in, likely back toward $1,775 (+)—this will come in at 17345 (+2 tics per/hour starting at 8:20am). We have short covered pretty hard off of yesterday’s low and traveled back up through most of yesterday’s range, coming just shy of the stop above where the line came in at 17335 (+2 tics per/hour) before rolling over—so this needs to keep rolling over here. I would not sell approaching the stop again. Decent trade below $1,718.8 (+1 tic per/hour starting at 8:20am) will project this downward $23 minimum, $95 maximum based off a ‘well-formed’ formation; but if we break below here decently and back above decently, look for decent short covering to come in.
NOTE: This is a small portion of a more detailed analysis I provide my clients twice daily. ‘Decent’ penetrations of areas are specific amounts emailed to clients each morning. If you are interested, please feel free to reach out to me.
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