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 OFF 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. The decent trade above 14839-43 currently projects this upward $21 minimum, $71 (+) maximum based off of a well-formed formation; but if we fail back below decently, look for decent pressure to come in. This will come in at 14833-28 today. NOTE: On Thursday we already saw a decent break above the more aggressive drawing of this line at 14815 (-.4 of a tic per/hour) and have already seen $15.4. This will come in at 14780 (-.4 of a tic per/hour starting at 8:20am). A decent break back below should bring in added confirmation to the break back below the upper drawing. I warned in the Post Market Synopsis Friday that this week will likely be a range expansion week—we have already exceeded this with Globex range.

On a medium-term basis: We have been 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 $43.8. 

On a short-term basis: The decent trade above 14619 (-1.3 tics per/hour) warned of decent renewed strength. We have seen $35 of this. The decent trade above 14701 (-.7 of a tic per/hour) has brought in $26.8 of the strength we are looking for above. Decent trade above 14944-45 will project this upward $25 (+); but if we break back below decently, look for decent profit taking to come in. Decent trade below 14698 (+.2 of a tic per/hour starting at 8:20am) will project this downward $20 minimum, $30 (+) maximum. We are called $6.1 higher as of 6:02am.