1. Our previous report indicated that a daily close below $1180 in August gold was the weaker position and would indicate sharply lower prices.
2. Today’s session continues to trade below $1180 which is the earliest indication for a continued decline to $1173 then at/near $1168/$67. How August gold handles any test/attempt of $1168/$67 based on the above is important and may prompt new long entry.
3. Aggressive can short August gold based upon the above with a protective buy stop at $1186. Will update.
1. Our previous report indicated that aggressive traders should short August gold at $1178/$77 for a continued decline to $1173 (initial profit target), then $1168 final profit target.
2. Subsequently, August gold declined sharply and today completed both $1173 and the final $1168 downside target (today’s session low, $1168.10, so far). This successfully completes the forecast/trade. Will message any further entry or indication in August gold.