Near Term Trend: Neutral / Bearish
As of 8/3/18 close: 1,221.90
Last week, I suggested shorting bounces to 1,244 with stops on a close above 1,251 and with a target of 1,118.
Gold futures remain under major pressure due to the continued strength in the US Dollar. The weekly chart to the left paints the same picture as in last weeks report. Im still looking for a move down to 1,118 with possible ST stops at 1,214 and 1,196.
I would short bounces to 1,244 with stops above 1,251 and with a downside target of 1,118.