Near Term Trend: Neutral / Bearish
As of 8/10/18 close: 1,219.20
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 still appears to be in the third wave lower of a five wave sequence with support at either 1,216, 1,198 or 1,121. Gold is very oversold right now and could bounce off of either 1,216 or 1,198.
I would cover shorts now and look to re-short on a bounce to 1,268. Honor stops on a close above 1,270 and look to cover down at 1,198.