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. The macro decent penetration above 13470 projects this upward $80 minimum, $320 (+) maximum. We have attained $219.2 of this so far. All the above bullish formations are now on hold as we broke below the formation mentioned below. 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 $71.9. I would note we are also now likely in a correction against the move up from 12086 on 8/16/18.

On a short-term basis: We held a lower timeframe exhaustion area below at 14160-137 with a 14121 low and rallied $154.1. This is now on hold as well. The decent trade below 15489 (-.7 of a tic per/hour) has brought in $56.8 of the decent renewed pressure warned about below (the break below which put the bull calls on hold). The decent trade below 15412 (+1.7 tics per/hour) brought in $49.1 of the decent pressure warned about below. I warned in the Post Market Synopsis that we may again see some more short-covering/consolidation before (if) resuming lower trade.  There is an area of possible exhaustion for this current short covering that comes in at 15340-79 which has the potential to return this to lower trade. Today has a good likelihood of being a range expansion day.