Gold Poised for Higher Trade, but Watch Exhaustion Above
On a macro basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $629.8 of this. The break above $1,347.0 projects this upward $80 minimum, $320 (+) maximum. We have attained $466.5 of this so far. We have seen $122.5 of the short covering warned about above the $1,690.3-$1,691.0 area. I would be wary of possible higher timeframe exhaustion on the way up at $1,836.3-$1,847.8.
On a shorter-term basis: The decent trade above $1,747.9-$1,748.1 projects this upward $26 minimum, $74 (+) maximum. We have attained $65.4 of this. The decent break above $1,799.6 (+2 tics per/hour) now warns of renewed strength. This will come in at $1,805.2 (+2 tics per/hour starting at 8:20am). I would be wary of possible lower timeframe exhaustion on the way up at $1,822.1-$1,830.9. A settlement back below $1,809.6-$1,807.7 will warn of pressure.
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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