Gold

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 $145 minimum, $464 (+) maximum—$330 of which will likely be attained within 6-9 months. 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. However, Tuesday’s gap lower has put this under near term pressure within that; and a decent break below the 13306 (+.7 of a tic per/hour starting at 6:00pm) line mentioned below will additionally put this on hold.  Decent trade above 13640 will project this upward $41 minimum, $127 (+) maximum; but this could really use an initial rejection before breaking above for added credibility—if we don’t see the initial rejection, it is a lower quality call. If we break above here decently and back below decently, look for decent profit taking to come in.   

On a short-term basis: Decent trade below 13317 (+.7 of a tic per/hour starting at 8:20am) will project this downward $10 minimum, $72 (+) maximum. If we break back above here decently, look for decent short covering to come in. Decent trade below 13220 (-.8 of a tic per/hour starting at 8:20sm) should bring in decent continued pressure as well, likely back down toward 13090 (-). Decent trade above 13385 will project this upward $15.5 based off an ‘ok formed’ formation, but can withstand $3.9 of violation and remain valid. We are called $2.2 lower as of 5:34am.