Gold’s Heaviness

Today’s gold tout acknowledges what has become increasingly obvious — that the bull trend begun on June 28 looks like a goner.  Although the weekly chart is still nominally positive, the weight of selling on the daily chart is about to prevail. My downside target implies another $40 drop, and although the projected low would still be above the June low, if it’s reached the burden of proof will once again fall heavily on the bulls.