I warned there was an area of possible exhaustion to contend with for this macro move up at 16928. We came shy of this by 11 tics with a 16917 high and rolled over $69.2.1 before short covering off the low. I warned in the Post Market Synopsis to be aware of possible areas of exhaustion on the downside at 16223-169, 16048-5974, and lower. We held the upper of these with a 16225 low and rallied $20.3 before rolling over. Decent trade above 16625 will project this upward $40 but can withstand $10 of violation and remain valid. NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy complex. If you are interested, please feel free to reach out.
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