On the hourly chart, August Gold hasn’t created even a modest bullish impulse leg in more than a week. It would take a print at 1168.60 to do so Sunday night, but so far, the high of a feeble rally has done no better than 1163.90. Still worse is that the peak was achieved on a bull-trap opening that receded quickly enough to have left at least a small overhang of supply. Considering the particularly ho-hum news thus far concerning Greece, we shouldn’t get our expectations very high for gold over the next 12 hours. Perhaps the evening news will bring fresh worries sufficient to impact bullion prices? Meanwhile, as a minimum downside projection, continue to use the 1135.00 target first broached here three weeks ago.
