1. Today’s Dec. gold futures continued on the recent decline, breaking to new recent lows at $1235.30 and closing the session at $1240.90. Both of these prices are below our recent forecast $1249/$47 downside target.
2. Although today’s break below $1249/$47 is an important price event, both $1237 and (worst-case) $1214 remain more important support in Dec. gold, especially upon a test and weekly close above either level.
3. Today’s session tested the $1237 level noted above. Therefore, a weekly close above $1237 tomorrow, Fri., Sept. 12) is important and may prompt subsequent entry. Will update as market confirms.
1. Today’s (Tues., Sept. 9) Dec. gold completed our Sept. 2 forecast for decline to $1249/$47 (today’s session low, $1248.10).
2. Today’s daily close above the $1247 downside target is the stronger position and the earliest indication for a tradable advance and test/attempt at $1269/$71.
3. Any new entry based upon the above will be taken in tomorrow’s (Wed., Sept. 10) session as the market continues to confirm.