GCQ09 – Comex August Gold (Last:929.60)

The futures struggled in vain yesterday to notch a recovery high above the 928.50 threshold I posted intraday in the chat room. That leaves us still looking for a possible swing low at 907.30; or if any lower, 903.80.  Alternatively, if bulls are going to turn this vehicle around, it will take nothing less than a print at 945.10 by no later than Thursday to do the job. _______ UPDATE (3:00 p.m.):  The futures spiked to 944.40, then detumesced almost as swiftly, falling $17 so far. We did not get caught  in this bull trap, however, because the seemingly impresssive rally failed by 0.70 to reach our bullish trigger price at 945.10.