Gold is bearish 10/18/21
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5. This is ON HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macro bearish correction warned about. This is ON HOLD.
On a lower timeframe basis: The decent break above $1,729.9 (-4 tics per/hour) has brought in $72 of renewed strength. The decent trade above $1,746.0-6.3 has brought in $55.6 of strength. The decent trade above $1,755.8 (-1.5 tics per/hour) has brought in $46.1 of the strength we are looking for above. These are ON HOLD. I cautioned we had a level of possible corrective exhaustion to contend with above at $1,802.5—we held this with a $1,801.9 high and rolled over. I warned the decent trade below $1,793.4 (+1 tic per/hour) should bring in decent pressure (likely for $30 (+))--we have attained $32.6 so far. Decent trade below $1,768.9 (+1.5 tics per/hour starting at 8:20am) should bring in additional pressure; but if we break below back above decently, look for decent short covering. CLICK HERE FOR FULL ARTICLE.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold, Bitcoin, 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.
Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits, or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast, or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor