GCQ10 – August Gold (Last:1224.20)

An ostensibly “easy” rally target at 1236.20 has been so long in coming that it’s time to put it aside and focus on the corrections, just in case this mild weakness is about to turn into something worse. A major midpoint pivot at 1214.90 is still the key support to watch, although its breach, especially by just a few points or less, would not be significant.  If the futures do fall, look for a minor HP support at 1219.75 to turn them around; otherwise, more weakness down to at least 1212.80 (or perhaps 1211.10) would become likely.