Gold

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. We held another exhaustion area within this at 14160-137 with a 14121 low and rallied $154.1. The break above 13470 projects this upward $80 minimum, $320 (+) maximum. We have attained $219.2 of this so far. These are now on hold. 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 $101.2. The decent trade below 14971-69 projects this downward $47 minimum, $73 (+) maximum. We have seen $31.9 so far. If we break back above where this comes in at 14975-77 through tomorrow decently, look for decent short covering to come in, likely back toward 15660 (+). I would also note we left a second, different type of medium-term bearish reversal above yesterday --a decent penetration above 14933-37 would negate this and give a possible earlier short covering long opportunity than waiting for a decent break above 14973-74. However, I warned there are possible exhaustion areas to contend with on the way down (see below). 

On a short-term basis: We have seen $56.7 from the 15217 breakdown level.  We are now likely making a deeper correction against the move up from 13964, or in a medium-term bear trend. Areas of possible exhaustion for this correction (if it is a corrective structure) come in at 14677-581, 14327-210 and lower. We held the upper of these today with a 14650 low and have rallied $28.5. We will have to see whether this has follow-through enough to violate the bearish patterns above, or whether they will prevail, and we head down to test lower levels.