1. Dec. gold is again at a critical juncture inside the ongoing uptrend off the Aug. 1 low.
2. The recent completion of the $1316/$17 upside target (noted in the previous report) would normally indicate a tradable decline and test/attempt at $1306 (or lower) into late this week (week of Aug. 11).
3. However, other factors are at work in Dec. gold which prompts caution in acting on the above noted decline. One of those factors is the today’s test of $1306, noted above.
4. Today’s early completion of the $1306 downside target indicates the potential for a larger advance in preparation, noted in recent live meetings. Therefore, no new entry is indicated in Dec. gold until the market further confirms.
1. Our Tuesday, Aug. 12 Dec. gold report indicated that after the completion of the recent forecast advance from $1308/$05 to $1316/$17, a further advance and test/attempt of $1321 was expected.
2. Today’s session (Thursday, Aug. 14) completed the $1321 upside target (today’s session high, $1321.80, so far) and the market continues it’s initial downside reaction off that level. This is an important market development and clarifies the Dec. gold position. Will message any new entry as the market continues to confirm.