1. Today’s Dec. gold continues to test the $1268/$67 downside target noted in previous updates.
2. Next week (the week of September 8 +/-1 week) is the next important weekly market bottom.
3. A daily close today (Tues., Sept. 2) below $1267 is considered the weaker position in Dec. gold and the earliest indication for continued decline and test/attempt at $1249/$47 (or lower) later this week.
4. Will message any new short entry based upon the above as the market continues to confirm.
1. Today’s Dec. gold tested and closed above the $1268/$67 downside target noted in previous updates. This is the stronger position short-term, as noted in our previous update.
2. In spite of today’s daily close, a sell stop/new short position should be placed at $1259.60. The purpose of this short position is for a test/attempt at $1249/$47 noted in yesterday’s (Tuesday, Sept. 2) update.
3. Initial short position exit should be taken at/near $1254.50, then further exit at/near $1250. Any final short position exit will be messaged in a subsequent update.
4. Once short, a protective buy stop should be placed at $1266.50. This stop will be lowered as the market continues to confirm.
1. Today’s Dec. gold triggered our $1259.60 sell stop/new short entry noted in our previous (Wed., Sept. 3) update.
2. Gold reversed ooff today’s session low of $1258 and hit our $1266.50 protective buy stop (and higher), resulting in a loss on the trade. This is unusual behavior and may negate the original indication for lower prices and a test/attempt at $1249/$47. Will update.