GOLD

On a macro basis: I cautioned on 8/16/18 the break back above 11797-837 warned of short covering. We have seen $165.9 of this.  This is off hold. We have held the exhaustion area below at 12756-690 three times, the most recent rally is for $37.3 from 12746. 

On a short-term basis: I mentioned Thursday that I would be aware there is a minor level of possible exhaustion at 12785-75. We came shy of this by 7 tics with a 12792 low and have rallied $32.7. The decent trade above 12880 (-.7 of a tic per/hour) projects this upward $8.5 minimum, $23.5 (+) maximum based off an ‘ok formed’ pattern. We have seen $23.9 of this so far. This will come in at 12857 (-.7 of a tic per/hour starting at 6:00pm) Sunday. If we break back below decently, look for decent profit taking to come in. We have also seen $25.8 from the more aggressive drawing at 12861 (-.7 of a tic per/hour). Thursday’s low also completed a corrective structure, and we are now likely in a new bull structure with multiple stages to go on the upside. Decent trade below 13007 (-.3 of a tic per/hour starting at 6:00pm) Sunday will warn of renewed pressure, but I am not real strong on this line.