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 $65.7 from 12746. I would be aware there is a major resistance line coming in above this week that comes in roughly at 13471. A macro decent penetration ($9.8 this week) above here will project this upward $80 minimum, $325 (+) maximum. The maximum could be attained within as little as 8 months or on the higher side 17 months. If we break above here by this much and back below by the same, I would look for solid pressure to come in for weeks/months. I would note however, there are some possible exhaustion levels for this move up from 12020 that we will have to contend with on the way up.   

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 $61.1. The decent trade above 12880 (-.7 of a tic per/hour) projects this upward $8.5 minimum, $23.5 (+) maximum. We have seen $52.3 of this so far. We have also seen $54.2 from the more aggressive drawing at 12861 (-.7 of a tic per/hour). We have seen $36.4 of the continued strength we are looking for above 13000-09. This will come in at 12992 (-.2 of a tic per/hour starting at 9:00am). If we break back below decently, look for decent profit taking to come in. We have seen $34.9 of the continued strength we are looking for above 13054 (+.5 of a tic per/hour). The 5/30 low also completed a corrective structure, and we are now likely in a new lower time frame bull structure.