1. Continued hourly or especially a daily close below $1154 in August gold will indicate a tradable initial downside target at $1145. Substantially lower prices remain possible.
2. Aggressive can short August gold at current prices (current price $1153.00) with the understanding that a daily close above one $1155 negates the trade.
3. Partial short position exit should be taken at/near $1146/$45 and hold any remainder held for the possibility of lower prices. Will update.
1. Our earlier report indicated aggressive short entry in August gold at $1153.00 for a quick decline to $1146/$45.
2. August gold completed the $1146/$45 downside target with today’s session low at $1146.80. Partial exits were taken in this area.
3. Gold is now trading again at $1154. Any remaining position should be exited until further update.