GOLD

NOTE: I only post these from time to time on Linkedin, but provide more indepth market calls to my clients twice daily. 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 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 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 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 $120. Decent trade above 15140-45 will project this upward $66 (+); but if we break above here decently and back below decently, look for decent pressure to come in.

 On a short-term basis: On 11/5 we left a short-term bearish reversal above which warned of renewed pressure, possibly for days. We have seen $37.5 from the close. Significant exhaustion areas come in below at 14296-46 and lower. I said in the Post Market Synopsis that this gives moderate warning of short covering before (if) resuming lower trade—we have seen $13 of this so far and are called $12.7 higher as of 4:43am. Trade back above 14808-31 should bring in further short covering. Trade above 15065 will negate the short-term bearish reversal. A maintained gap higher will temporarily put bear calls on hold.