Contributed Commentaries
Gold is macro bullish 10/5/22
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. We held an exhaustion within this at $1,275.6-$1,269.0 with a $1,274.6 low and rallied $814.6. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. We held another exhaustion within this at $1,416.0-$1,413.7 with a $1,412.1 low and rallied $676.9. On 4/2 we left a bullish reversal below. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. These are OFF HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $467. We rolled over from $2,079.6 for $456.6. These are ON HOLD. The break above $1,687.7 now warns of significant strength for weeks/months. We have seen $51 so far. Solid trade back below where this comes in at $1,687.7 will negate the bias above it.
On a lower timeframe basis: The break below $1,810.8 brought in $188.6 of the pressure warned about below. The trade below $1,761.8 (-.8 of a tic per/hour) warned of decent pressure—we attained $139.6. These are ON HOLD. The break above $1,653.1 (-3 tics per/hour) projected this upward $30 (+). We attained $85.6. The break above $1,716.5 (+.4 of a tic per/hour) warns of continued strength—we have seen $22.2 of this so far. I would also note that yesterday we left a fairly significant bullish reversal below that also warns of higher trade, likely for days/weeks. Decent trade below $1,703.2 will negate this. LINK TO ADDITIONAL ANALYSIS ON WEBSITE.
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.
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