GOLD

On a macro basis: I cautioned on 8/16/18 the break back above 11797-837 warned of renewed strength. We have seen $339 of this.  We held an exhaustion area within this at 12756-690 with a 12746 low and have rallied $248.1. The macro decent penetration above 13470 projects this upward $80 minimum, $320 (+) maximum. We have attained $175.7 of this so far. Keep in mind that within those bullish projections we have possible macro exhaustion areas above for this macro bullish correction (if it is a correction) against the move down from at 19114 in September of 2011 that come in at the 15306-810 general area and higher. Although this is a wide area, it is comprised of two lines on either extreme, the 15306-46 part of which is a significant structural resistance as well. We held a lower level at 14532-791 with a 14670 high and rolled over $54.9 before rallying to violate it, setting up an eventual test for higher levels. I would also note that when we took out 13470 mentioned above, we broke out of a broad base built since early 2013 and could be in a new bull trending structure instead of a corrective structure. 

On a short-term basis: We held a lower timeframe exhaustion area below at 14160-137 with a 14121 low and rallied $110.6. We have been in a lower timeframe bull structure since, but a break above 15227 will suggest we may be in the final leg of this lower timeframe run up before a correction. I would be aware possible exhaustion areas for this structure come in at 15376-485, 15617-783, and higher. I would note that Stochastically on a Daily level this is well poised for a bearish correction—so if we take out 15213-27 and settle back below, this would be an ideal setup to see one. I would note also that on 8/5 we likely completed a bearish correction in the S&P 500, and Thursday left a short-term bullish reversal intact below which could send it back to recent highs (+).  

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