Gold In Bearish Consolidation

November 16, 2020

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. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. The above macro bullish formations are ON HOLD. 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 ON HOLD as well.

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.  The decent trade back below $1,883.0 brought in $21.5 of the renewed pressure warned about below before short covering off the low.  Decent trade below $1,863.3 (+1.2 tics per/hour starting at 8:20am) should bring in decent pressure; but if we break below here decently and back above decently, look for decent short covering to come in.  This needs to take out $1,851.1-48.0 to open the downside further.

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.

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.

Gold is using for heat dissipation in some cars.

Gold Eagle twitter                Like Gold Eagle on Facebook