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Gold still in lower timeframe bearish correction, but testing line above 7/6/20

Commentaries & Views

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 $624 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum.  We have attained $460.7 of this so far.  We have seen $116.7 of the strength warned about above the $1,690.3-$1,691.0 area.  These are ON HOLD.

On a shorter-term basisThe decent trade above $1,747.9-$1,748.1 projects this upward $26 minimum, $74 (+) maximum.  We attained $59.6 of this.  This is ON HOLD.  We held the $1,807.5-$1,759.6 lower timeframe exhaustion area with a $1,807.7 high and rolled over $39.8 into a bearish correction.  The decent trade below $1,777.4 (+2 tics per/hour) projects this downward $17 minimum, $39 (+) maximum.However, we have been traveling up underneath this. This will come in at $1,793.5 (+2 tics per/hour starting at 8:20am).  Decent trade back above should bring in decent short covering, and a likely run toward $1,807 (+). 

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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