GOLD

NOTE: I only post these from time to time on Linkedin, but provide market calls twice daily to my clients--if interested please feel free to reach out. All calls have been made since inception.

On a macro basis: I cautioned on 8/16/18 the break back above 11797-837 warned of renewed strength. We have seen $401.7 of this. We held an exhaustion area within this at 12756-690 with a 12746 low and have rallied $310.8. We held another exhaustion area within this at 14160-137 with a 14121 low and rallied $173.3. The break above 13470 projects this upward $80 minimum, $320 (+) maximum. We have attained $238.4 of this so far. The decent trade above 14839-43 projects this upward $20 minimum, $65 (+) maximum based off of a well-formed formation. We have seen $91.5 of this so far, and $94.3 from the more aggressive drawing at 14815. NOTE: We are approaching possible exhaustion areas for the trend up from 11817 on 8/15/18, the lower of which comes in at 15931-89. We are also Stochastically ‘overbought’, so if we hold this general area (which we basically did, coming $2.2 shy of it on 1/6/20) and roll over to take out 15662-50 (which we did), this could spell the start to a large bearish correction—otherwise we will likely head higher to test higher exhaustion levels. However, this could use a close below 15665-27 for added confirmation, as we left a gap higher on the day and rejected out of it on Globex.

On a medium-term basis: We were in a correction against the move up from 12923 on 5/2/19 to 15717 on 9/4/19. We held an exhaustion area at 14650-554 with a 14531 low on 11/12 and have rallied $122.7. 

On a short-term basis: The decent trade above 14619 (-1.3 tics per/hour) warned of decent renewed strength. We have seen $113.9 of this. The decent trade above 14701 (-.7 of a tic per/hour) has brought in $105.7 of the strength we are looking for above. The decent trade above 14944-45 projects this upward $25 (+). We have seen $81.3 of this so far.