GCQ10 – August Gold (Last:1199.80)

The action of the last three days is suspect — i.e., presumably distributive –since all of it occurred beneath some intraday peaks near 1215 recorded in early July. The futures could remedy this appearance of weakness with a thrust exceeding 1222.90 — or better yet, a close above that number — but failing that, an 1162.30 correction target first broached here a while back will remain in play.