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Gold still projected higher 7/29/20

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 $791 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum.  We have attained $627.6 of this so far.  On 4/2 we left a bullish reversal below that warned of continued strength.  We have seen $355.9 so far.   The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum based off an ‘ok formed’ pattern. We saw $75.7 before rolling back over and bouncing off of where it came in yesterday at $1,900.5.  This will come in at $1,902.0 today.  If we break decently back below, I would be out of all longs for the time being and look for decent pressure to come in, likely for days/weeks.

On a shorter-term basisThe short cover back above $1,935.6 (+9 tics per/hour) yesterday took the bull calls above OFF HOLD and warns of renewed strength. We have seen $24.4 of this so far.  This will come in at $1,955.7 (+9 tics per/hour starting at 8:20am).

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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