Courtesy of Soren k group
Gold (G) 1/9/18
13574 13519 13471 ┐ 13449 T GAP 13403-05* ┘ 13382-91* 13273 (+2 p/h) 13273* 13230-39* 13204 13176 (+.6 p/h) 13157-46* 13126-23 GAP 13098 13083-71* 13034-13* 12998 GAP 12973 12969 (-2 p/h) 12961-55 12922 GAP 12918 12908-03*
ADR: 62.2
Directional Opinion: We settled in a bull leg. Settlement below 13161 will start this in a bear leg. On a macro basis: We broke above a well-formed macro line in the week of 8/7 that came in at 12629. The break above here projects this upward $155 minimum, $474 (+) maximum—the maximum to be attained likely within 8-11 months. This comes in at 12148 this week. This had been back in play preliminarily since the open on 12/14—we have seen $67.7 of this so far, and fully since the break above 12755-56--we have seen $51.7 of this so far. However, this is now on hold as we broke below a ‘just ok formed’ pattern that came in at 13202 mentioned below, which warns of profit taking. In general, the fact we have taken out 13013-34 and 13084 also opens up the upside to continued higher trade, with a likely run toward 13574 in the days/weeks ahead, but this is temporarily on hold as well. We are starting to approach the macro line we rejected from on the week of 9/5, which now comes in at 13459. A macro solid penetration above here will project this upward $109 minimum, $339 (+) maximum, and definitively start this in a new bull trend. On a short-term basis: The decent trade above 13146 (-2 tics (20 cents) per/hour) projected this upward $8 minimum, $17 maximum. We have seen $10.1 of this so far, but this is on hold as well. This will come in at 12969 (-2 tics (20 cents) per/hour starting at 8:20am). We broke below a pattern at 13202 mentioned above that warns of profit taking. We have seen $6.2 of this so far. This will come in at 13273 (+2 tics per/hour (20 cents) starting at 8:20am). If we break back above here decently, look for renewed strength to come in. We have broken below another small pattern at 13171 (+.6 of a tic (6 cents) per/hour) this AM that also warns of pressure. This will come in at 13176 (+.6 of a tic (6 cents) per/hour starting at 8:20am). Decent trade back above here will warn of decent short covering and a resumption of the bull calls from below. A maintained gap lower will leave a short term bearish reversal intact above that will warn of decent profit taking, likely for days. We are called $4.7 lower as of 5:20am. Upside: I am writing this from the lower call. Sell against 13176 (+.6 of a tic (6 cents) per/hour starting at 8:20am) or approaching the stop above; reverse above on a decent penetration and look for decent short covering to come in and a resumption of the bull calls from below. Get long on a decent penetration above 13273 (+2 tics (20 cents) per/hour starting at 8:20am) and look for decent continued strength to come in. Sell against 13382-91. If we break above here, or even just above 13391, and back below-- look for profit taking to come in. Sell against 13403-05 if we haven’t rejected from 13382-91 already. If we break above here and back below, look for profit taking to come in. Sell against 13449 for a solid smack down; get long above on a macro solid penetration and look for the move upward mentioned above. If break above here macro solidly and back below macro solidly, look for the profit taking mentioned above. Sell against 13519. Sell against 13574. Downside: I am writing this from the lower call. Get short below 13157-46. Get short below 13034-13. If we break below 12998 and back above, look for short covering to come in. Buy against a combination of the 12969 (-2 tics per/hour starting at 8:20am) line and the 12961-55 area for a decent bounce. If we break below 12922 and back above, look for short covering to come in. Buy against 12908-03 for a decent bounce; reverse below.
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