GOLD

NOTE: I only post these from time to time on Linkedin, but provide market calls twice daily to my clients, feel free to reach out to me if you are interested.

On a macro basis: I cautioned on 8/16/18 the break back above 11797-837 warned of renewed strength. We have seen $382.5 of this. We held an exhaustion area within this at 12756-690 with a 12746 low and have rallied $291.6. The macro decent penetration above 13470 projects this upward $80 minimum, $320 (+) maximum. We have attained $219.2 of this so far. All the above bullish formations are now on hold as we broke below the formation mentioned below. 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 17264 area. We have rejected out of the lower level a third time now with a 15662 high for $71.9—I would note that this is also at the same time as momentum reversals on the Weekly and Daily charts. NOTE: a maintained gap lower today will leave a fairly significant reversal above that will warn of pressure for days/weeks. I would also note we are also now likely entering into a correction against the move up from 12086 on 8/16/18. 

On a short-term basis: We held a lower timeframe exhaustion area below at 14160-137 with a 14121 low and rallied $154.1. This is now on hold as well. The decent trade below 15489 (-.7 of a tic per/hour) has brought in $54.6 of the decent renewed pressure warned about below (the break below which put the bull calls on hold). The decent trade below 15412 (+1.7 tics per/hour) brought in $46.9 of the decent pressure warned about below. We are called $8 lower as of 4:51am EST.