Gold

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, but this is on hold. The solid trade above the 13134-38 area warned of continued higher trade in the days/weeks ahead, but we only saw $17.3 of this before being put on hold, and this has now been negated as well. I noted 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 on 1/31/19 with a 13311 high and have rolled over $24.7 into a minor correction against the move up from 12815. Decent trade below 12967-85 will project this downward $42 (+). I have noted since 2/1/19 that both the Weekly and Daily Stochastics were in a very ‘overbought’ level, and both crossed—which could give the bearish turn around mentioned below more weight—the Daily are still crossed but out of ‘overbought territory’. 

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. 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) 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 Monday that warned of further lower trade.  Lower possible exhaustion areas for the move down from 13311 come in at 13082-63, 13025-04, and 12921-898. We have held the upper with a 13064 low and rallied $4 so far.   We are called $4.1 lower as of 5:15am. Decent trade ($3 today) above 13142 (-1.3 tics per/hour starting at 8:20am) will warn of decent short covering.