GCQ10 – August Gold (Last:1191.00)

Yesterday one-act performance provided yet another whoop-dee-doo rally that failed to push above the previous day’s high. Our focus should therefore remain on the 1140.10 correction target — or, alternatively, on the 1222.30 “look-to-the-left” peak where a rally would begin to look feisty. Best case today, based on the 15-minute chart, would be 1202.10, subject to a midpoint test at 1195.70.  Those numbers will remain valid as long as 1189.20 has not been exceeded to the downside.