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 on hold. Keep in mind that within those bullish projections we held a possible macro exhaustion area above for this macro bullish correction (if it is a correction) against the move down from 19114 in September of 2011 that came in at the 15306-810 general area. We have rejected out of here a third time now, with a 15662 high for $120. This is on hold as well. Decent trade above 14978 (-.4 of a tic per/hour starting at 8:20am) will project this upward $58 (+); but if we break above here decently and back below decently, look for decent pressure to come in.

On a medium basis: We are in a correction against the move up from 12923 on 5/2/19. We held a possible exhaustion area at 14650-554 with a 14531 low on 11/12 and have rallied $36.8.

On a short-term basis: The decent trade above 14619 (-1.3 tics per/hour) warned of decent renewed strength. We have seen $28 of this. The decent trade above 14701 (-.7 of a tic per/hour) has brought in $19.8 of the strength we are looking for above before rolling over. This will come in at 14626 (-.7 of a tic per/hour starting at 8:20am) today. However, there is now a formation coming in a little higher at 14634-32 a decent break below which will project this downward $29 (++); but if we break below here decently and back above decently, look for decent short covering to come in. On the day, the decent trade below 14717 is not a sign of strength coming into today.