GOLD

NOTE: I only post these from time to time, so they may seem disjointed from one to another. But I provide these twice daily to my clients. If you are interested, please feel free to reach out.

On a macro basis: I cautioned on 8/16/18 the break back above 11797-837 warned of short covering. We have seen $147.4 of this. The solid trade above the 13134-38 area warned of continued higher trade in the days/weeks ahead. We have seen $17.3 of this so far. This will come in at 13147-48 today. These are on hold. I would also note there are a number of possible exhaustion areas above this we will have to work through on the way up, the nearer of which come in at 13286-310 and 13367-78. We held the lower of these Thursday again with a 13311 high and have rolled over $18.4 into a minor correction against the move up from 12815. Decent trade below 12954-36 will project this downward $42 (+). NOTE: I rarely mention Stochastics, but I would just note that both the Weekly and Daily are in a very ‘overbought’ level, and both crossed—which could give the bearish turn around mentioned below more weight. 

On a short-term basis: The decent trade above 12870 (-1 tic per/hour) warned of decent renewed strength—we have seen $43.1 of this so far. The decent trade above 12976 (-.3 of a tic per/hour) projected this upward $14 (+). We have seen $31 so far. The decent trade above 13027 (+.5 of a tic per/hour) put us above a formation which also warned of continued higher trade—we have seen $28.4 of this so far. However, the above bullish calls are on hold as we are currently in a correction against the move from 12815 to 13311, and we left a short-term bearish reversal intact above yesterday that warns of further lower trade. Decent trade above 13206 will negate the short- term bearish reversal and suggest a return to higher trade and reestablishment of bull calls.  Possible exhaustion areas for the correction come in at 13124-01, 13082-63, 13025-04, and 12921-898. We basically held the upper of these yesterday with a 13127 low and rallied $6.9 before rolling over.