Gold poised for renewed strength, likely for days 5/28/20
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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. We have seen $605.1 of this. The break above $1,347.0 projected 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 have rolled into the AUGUST contract are ON HOLD.
On a shorter-term basis: The decent trade below $1,745.1 (+2 tics per/hour) projected this downward $43 minimum, $153 maximum based off an ‘ok formed’ formation. We have seen $43.5 of this so far. But this is now ON HOLD. The decent trade below $1,742.0 (+1 tic per/hour) projected this downward $14 minimum, $88 maximum—we have attained $40.4 of this so far, but this is now ON HOLD. The decent trade below $1,722.7 (+1 tic per/hour) only brought in $21.1 of the $80 minimum we were looking for below before violating where the line came in at $1,724.8—above which I warned to be out of all shorts and look for decent renewed strength to come in, likely back up toward $1,787 (+) in the days ahead. We have seen $15.8 so far. This will come in at $1,725.6 (+1 tic per/hour starting at 8:20am). A decent violation of this on the downside will take bear calls from above OFF HOLD. I warned in the Post Market Synopsis that this did not go out looking weak on the day—we are called $9 higher as of 5:06am.
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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