Gold Floor May Be In Above $1291- Moor Analytics



We can add nothing to Michael’s report except this for readers to get more from his work: 

Support and resistance numbers are just that. They serve to repel the market away from them. 

Therefore readers will frequently see phrases like “if we break below (a number) and then go back above it, expect short covering to come in”.

This is a lucid behavioral explanation that describes how momentum funds will sell below a technical level only to stop themselves out if they run into more patient buying underneath. 

It is a great way to describe short term players behavior when they run into deeper pockets. 



Gold (M) 5/22/18

On a macro basis:  We broke above a well-formed macro line in the week of 8/7/17 that came in at 12629.  The break above here projects this upward $125 minimum, $442 (+) maximum—$330 of which will likely be attained within 3-6 months (if we are going to see it).  This had been back in play preliminarily since the open on 12/14/17—we have seen $105.8 of this, and fully since the break above 12755-56--we have seen $89.8 of this; but the 4/11/18 failure of 13622-23 put this on hold again.  The decent trade below 13356-51 projects this downward $32 minimum, $77 (+) maximum. We have seen $53.9 of this so far, but this is now on hold as we broke above a line that warns of short covering mentioned below.  


On a short-term basis:  The decent trade back below 13127 (-.4 of a tic per/hour) warned of decent profit taking to come in—we have seen $31.5 of this so far, but this is now on hold.  The decent trade below 13057-54 has brought in $24.2 of the decent renewed pressure warned about below—however, I did not suggest adding to shorts below here.  This is now on hold.  This will come in at 13073-74 today.  A decent break back above here should bring in continued strength.  The decent break above 12870 (+.6 of a tic per/hour) warned of short covering.  We have seen $8.2 of this from the pullback to where the line came in at 12878.  A decent break back below 12916-26 should bring in renewed pressure and I would reestablish bearishness from the calls above.  


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