1. Today’s failure to reach $1316/$17 on the upside in Dec. gold is the weaker position and normally indicates further decline into next week (week of Aug. 4) and a test/attempt at $1292/$91 (or lower).
2. A daily close below $1300.00 in Dec. gold will further confirm the above outlook and may prompt new short entry. Will update in a subsequent report.
3. However, we are placing a buy stop/new long position at $1323. While unlikely to be triggered, this stop will assure a long entry should a surprise turnaround in gold occur. Will message the full indication if the market confirms.
1. Yesterday’s (Tuesday, July 29) Dec. gold update indicated that the gold’s near miss of $1316/$17 on the upside (Tuesday’s July 29 swing high, $1314.60) indicated further decline and a test/attempt at $1292/$91 into the week of Aug. 4.
2. Today’s Dec. gold declined quickly and attempted the $1292/$91 downside target (today’s session low, $1293.20, so far). Any self-directed shorts should have exited at/near $1292/$91 downside target.
3. No new entry is being taken at this time based upon the above completion. The week of Aug. 4 (+/-1 week) remains a critical time period for Dec. gold on the downside. Will update as the market continues to confirm.