Gold poised for short covering within downward consolidation
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On a higher timeframe basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5 of this. We held an exhaustion area within this at $1,275.6-$1,269.0 with a $1,274.6 low and have rallied $814.6. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. All of the above macro bullish formations are ON HOLD again. I noted we had a higher timeframe possible exhaustion to contend with that came in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $241.2. The trade back below $2,043.6 has brought in $195.6 of the decent pressure we are looking for. These are now ON HOLD.
On a lower timeframe basis: We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $153.2. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $117.7. These are ON HOLD. Decent trade back above $1,869.6 (+1.2 tics per/hour ) now warns of decent short covering. I warned in the Post Market Synopsis that today had a good likelihood of seeing range expansion—we saw a 43% expansion over that of Tuesday, and more with Globex trade. I also warned in the Post Market Synopsis that on the day this warns of pressure if we —we saw $24.8 of this…(see full article: https://www.moor-analytics.com/post-1/gold-poised-for-short-covering-within-downward-consolidation)
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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