Moor Analytics Weekly Report
Via Michael Moor and Moor Analytics
Gold (Z) 10/19/17
On a shorter-term basis: The decent break failure back below 12850 failed to bring in a run back down toward the 12630 (-) area. I cautioned that an area of possible exhaustion for this move up from 12628 came in at 13077-81. We have rejected $30.1 from this, but this is now on hold. The maintained gap lower Tuesday was a bearish signal, and we have seen $8.6 of this from Tuesday’s close. This has not been violated, but is now on hold as we left a bullish gap below (decent trade above 13021 would negate this definitively). I said this morning that I would be out of all shorts you may have on for the time being if we leave a maintained gap higher on the day. The bullish gap higher in and of itself is a bullish signal, but since we have not taken out Tuesday’s gap lower it is a more tepid long. Decent failure below 12854 will negate bullishness from the gap and reestablish general bearishness.
On a macro basis: There is a macro resistance line coming in at 13504 all week. We were looking for a multi-week smackdown from where it came in the week of 9/11 at 13522, and are seeing some of this as we have come off $89.4 so far. This is now on hold again. We left a medium term bearish reversal intact above on 9/18 that also warns of continued pressure in the days/weeks ahead. We have seen $48 so far. This is on hold again. I would note that a possible area of exhaustion for this move down from 13624 comes in at 12732-644. We basically held this, but with a $1.6 violation, and rallied to 13084 before rolling over. Decent trade above 13063(-.2 of a tic (2 cents) per/hour starting at 6:00pm) will project this upward $29 minimum, $49 (+) maximum; but if we break above here decently and back below decently, look for decent profit taking to come in.
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