Gold

On a macro basis: On a higher time frame, the move up to 13754 from 10468 in December of 2015 is a correction against the bear trend from 19114 in September 2011 down. On a lower timeframe, the move up from 11333 is a correction against the move down from 13864 on 8/2/16—but the failure below the 12178-43 general area signals a likely end to this correction. On yet a lower timeframe we are currently in a correction against the move down from 12988. The solid penetration below 12358-44 projected this downward $73 minimum, $82 (+) maximum. We attained $30.4 of this before being put on hold when we broke above 12233. However, I would no longer be looking for more from this formation as we violated it yesterday with solid trade above 12417-21, which now warns of solid short covering in the days/weeks ahead, with a good likelihood of a run back up toward 12980 (+). This line will come in at 12426-23 today. A solid failure back below will negate the solid short covering bias. The maintained gap higher on 7/18 left a medium term bullish reversal intact below that warns of higher trade for days as well. We have seen $8.9 of this so far. Decent intra-day trade below 12354, or a settlement below 12327 is needed to negate the medium-term reversal below. On a shorter-term basis:  The decent trade above 12235 (-1 tic per/hour) projects this upward $20 (+). We have seen $24.6 of this so far. Possible areas of exhaustion for this corrective move up from 12040 come in at 12483-516 and 12628-694. The decent trade above 12427 (-.3 of a tic per/hour) projects this upward $7 minimum, $29 maximum. This line will come in at 12419 (-.3 of a tic per/hour starting at 8:20am). If we break back below decently, look for decent profit taking to come in. A maintained gap lower would leave a short term bearish reversal intact above that would warn of decent profit taking, likely for days.  Decent trade below 12346 will project this downward $13 (+), but can withstand $3.4 of violation and remain valid. Decent trade below 12284 (+1 tic per/hour starting at 8:20am) will project this downward $23 (+), but could use an initial bounce before breaking below for better form. 

NOTE: I only post these on Linkedin from time to time, but do these updates twice daily for my clients.  If you have interest, please let me know.