1. While August gold remains in a weak position and hovering near the critical $1155 level, there are indications for a possible advance and test/attempt at $1164/$65 (or higher) upcoming.
2. Further confirmation remains required and no new long entry is being taken at this point. However, the above indication may be triggered in tomorrow’s (Wednesday, July 15) session under certain conditions which will be detailed in tomorrow’s Williams edge meeting (or in an earlier report).
1. During the week of July 6 it was noted that any confirmed break below $1155 would immediately prompt a decline to $1146/$45 (or lower). Yesterday’s (Wednesday, July 15) market broke the $1155 level and quickly completed the $1146/$45 downside target (yesterday’s session low, $1141.90).
2. This decline is an important event which occurred after August gold had been unable to rally to ordinary nearby upside targets. Such behavior indicates stronger than usual selling pressure in the market which was reflected in today’s decline. Will message any further entry or indication in August gold.