Gold’s reversal of a $30 selloff yesterday showed promise, especially since the low had not quite reached my 1363.90 downside target. However, whatever bullish conclusions we might have drawn are getting trashed early Friday morning as the futures head for a likely test of the 1368.00 low. Bulls could regain control with a bullish thrust today exceeding 1397.00, but failing that, the futures will remain a good bet to continue lower for a retest of the much more important low at 1321.50 recorded in mid-April.
