1. Today’s Dec. gold advanced further and attempted completion of both the $1312 and $1316/$17 final upside targets noted in Friday’s (July 25) report (today’s session high, $1314.60, so far).
2. Traders long from either the $1306 or $1308.50 levels have now exited a portion of their long position at/near the $1312 initial upside target.
3. Today’s attempt at the $1316/$17 upside target may be all the gold market can do, for now. If this is the case, a short-term decline would likely result. However, should $1316/$17 be reached, further long position exit should be taken as noted in the original update.
4. We have moved our protective sell stop up to $1305. This stop will continue to be moved higher as the market continues to confirm.
1. Today’s Dec. gold declined and triggered our recently adjusted $1305 protective sell stop. This resulted in a successful trade.
2. As noted in #3 of today’s (Tuesday, July 29) previous update, the failure to reach $1316/$17 would normally result in a short-term decline which is underway now. Will message any further entry or indication.
1. We have now rolled into the Dec. gold contract.
2. In today’s (Friday, July 25) Williams edge live meeting it was noted that Aug. gold (then trading at approximately $1300) had a near Roadmap indication for a fast advance and test/attempt at $1316/$17 (or higher) into early next week.
2. The Dec. gold contract also shows a very similar indication for advance and test of $1316/$17 early next week (week of July 28).
3. Since today’s meeting, Dec. gold has advanced substantially and is currently trading at $1306, approximately $6 – $7 higher than it was at the time the indication was given out.
4. Aggressive can buy Dec. gold at the market (approximately $1306) with an initial protective sell stop at $1299.
5. Ordinary can enter long at $1308.50. Initial long position exits should be taken at/near $1312, then at/near $1316/$17. Any remaining position should be held for the possibility of higher prices to be messaged in a subsequent update. Will update.
1. Our previous (Friday, July 25) Dec. gold report indicated aggressive new long entry at the then current price of approximately $1306.00, along with ordinary (non-aggressive) new long entry at $1308.50. The $1308.50 buy stop was subsequently triggered.
2. The report indicated initial long position exit at/near $1312. Friday’s subsequent swing high was $1311.00.
3. Continued hourly and especially daily closes above $1304.00 are the stronger position.
4. Our protective sell stop remains at $1299. The stop will be moved higher in Monday’s session as the market continues to confirm.
1. Today’s (Mon., July 28) Dec. gold made its second attempt at our initial long position profit target at/near $1312 (today’s session high, $1311.40, so far).
2. Traders long from either the $1306 or $1308.50 (noted in Friday’s July 25 report) exited partial long positions at/near $1312. Dec. gold’s inability to touch $1312 (an easy number) is of some concern.
3. As noted in the original update, the next profit target is at $1316/$17. Should Dec. gold be unable to reach $1316/$17 by tomorrow, Tuesday July 29, our protective stop will be moved up more aggressively.
4. Our protective sell stop has been raised to $1302. This stop will continue to be moved higher as the market continues to confirm.