GCQ09 – Comex August Gold (Last:917.10)

The futures have fallen to within $2 of the 911.30 pivot we were using as a minimum downside objective for the short term, but in off-hours trading late Monday night  they appeared capable of pushing the support aside and continuing down to 907.30.  I’ll recommend bottom-fishing there with a minimum 0.40 stop-loss, but if it’s hit we should infer more downside to at least 903.80, a Hidden Pivot that can also be bottom-fished with a very tight stop-loss. Both targets are shown in the accompanying chart.