We dwelled mainly on two trading vehicles: Comex Gold and the E-Mini S&Ps. Our purpose in scrutinizing the latter was to identify trends and trading opportunities within various time frames. Analyzing Gold, we perceived early in the session a growing reluctance of buyers to challenge what was later to become an onslaught of selling. August Gold finished $20 lower on the day, while the E-Mini settled about 10 points lower. We also looked at the Dollar Index and talked about how we could prevent being caught off guard by a bullish trend change beginning from below an already compromised, key support.
