Note: there is little in terms of numbers to look at above the market now between here and the $1351 are in our opinion. This is interesting as we are now in a "sell the rallies mode" based on tape watching.
It suggests a quicker move up if/ when one comes provided we are not below the monthly trend line. And given the knee jerk reactions to events gaps higher are not crazy anymore.
Of more pressing note is the potential to be magnetically pulled tovthay trendline that comes in around $1268 right now.-Soren k.
Month trendline intact, as volatility cools for a major move in 60 days..
Holding on daily as well...
But looking sick sick on the 4 hour chart.. news notwithstanding.
Via Moor Analytics
Emphasis ours- Soren K.
Gold (Z) 9/19/17
On a macro basis: There is a macro resistance line coming in at 13519 all week. We will likely see a significant smack down from here, likely for weeks. A macro solid penetration above will project this upward $242 minimum, $339 maximum; the minimum to take roughly 9 months to attain. This is based off an oddly shaped but structurally sound formation.
This has a lower conviction if we do not see a significant rejection from the area first (we are starting to see some of this as we have come off $43.9 from where it came in last week at 13522). We left a medium term bearish reversal intact above yesterday that also warns of continued pressure in the days/weeks ahead. Decent intra-day trade above 13234 will negate this.
On a shorter-term basis: The decent break back below 13585 has brought in $50.4 of the decent profit taking we are looking for. The decent break below 13500 (+3 tics (30 cents) per/hour) projects this downward $13 minimum, $23 (+) maximum. We have seen $41.9 of this so far. On 9/11, we left a short term bearish reversal intact above that warns of decent pressure, likely for days. We have seen $27.4 of this so far from the 9/11 close.
I would note that possible areas of exhaustion for this move down from 13624 come in at 12893-32, 12688-45, and 12259-21. Decent trade below 13099 (+.7 of a tic (7 cents) per/hour starting at 8:20am) will project this downward $60 (+); but this could use an initial bounce off the line before breaking below for better form.
If we break below here decently and back above decently, look for decent short covering to come in—with a run back up toward 13620 (+) likely.
Michael Moor
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