On a higher timeframe basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $215. The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for. These are now OFF HOLD. This week has a good likelihood of being a range expansion week.
On a lower timeframe basis: We held the lower timeframe exhaustion at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $89.5. This is OFF HOLD as well. The decent trade above $1,963.3 (-1.5 tics per/hour) brought in $20.5 of the $19 minimum, $175 (+) maximum we were looking for before failing below $1,965.7 (+3 tics per/hour), which I warned should bring in decent pressure. We have seen $22.6 so far. We have also broken below the where the original bullish formation line came in at $1,955.5 (-1.5 tics per/hour), which also warns of pressure. I have noted for the past few days that the Gold is entering into a historically bearish period through early October, and even into December, and if we broke below these, the pressure on the downside could have good follow-through. Decent trade back above where the bearish formation comes in at $1,969.0 (+3 tics per/hour starting at 8:20am) should bring in decent renewed strength. Decent trade above $1,984.3-5.7 (+.4 of a tic per/hour starting at 8:20am) will project this upward $40 (+). We are called $24.3 lower as of 5:56am. The S&P 500 is poised to come off a well.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy complex. 'Decent penetrations' are specific amounts and provided to clients daily as well. If you are interested, please feel free to reach out.
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