GOLD

NOTE: I only post these from time to time on Linkedin, but provide analysis twice daily to my clients. If you are interested, please feel free to reach out.

?On a macro basis: I cautioned on 8/16/18 the break back above 11797-837 warned of short covering. We have seen $259.2 of this.  We have held the exhaustion area on a correction within this below at 12756-690 three times, the most recent rally is for $168.3 from 12746. The macro decent penetration above 13470 projects this upward $80 minimum, $325 (+) maximum. We have attained $95.9 of this so far. The above bull formations are now on hold. I noted there are some medium time frame, and macro time frame possible exhaustion levels for this move up from 12020 that we will have to contend with on the way up. These general areas come in at 14529-791, 15044-313 and higher. 

On a short-term basis: We came shy of the 12785-75 downside exhaustion level on 5/30 by 7 tics with a 12792 low and have rallied $163.7 in a medium timeframe bull structure.  The decent trade above 12880 (-.7 of a tic per/hour) projected this upward $8.5 minimum, $23.5 (+) maximum. We have seen $154.9 of this so far. We have seen $142 of the continued strength we are looking for above 13000-09. We held the lower timeframe exhaustion area below with a 13236 low on 6/11 and have rallied $119.3 so far. We also left a short-term bullish reversal below on 6/12 which has brought in $106.1 of higher trade. The decent trade above 13533 (-1 tic per/hour) projects this upward $9 minimum, $39 (+) maximum. We have attained $89.6 of this so far. The above bull formations are now on hold.  We are now in a lower timeframe correction against the move up from 13861, and possibly a deeper correction against the move up from 13236. The next lower areas come in at 13983-73, 13832, 13708-692 and lower. If we take out 13983-73, we are likely in the higher timeframe correction. Trade above 14189 is a sign of renewed strength. Two NOTES: 1.) a maintained gap lower will leave a short-term bearish reversal above, but this will be more effective if we take out 14037 decently in the process; and 2.) on a Daily level Stochastically this is well poised for deeper corrective trade.