Switching to the December contract, we can identify two bearish targets of intermediate degree remaining to be achieved. The first, p2=1054.75, will become an odds-on bet if and when p=1076.25 has been decisively exceeded to the downside. If the selling were to hit 1070.00, you could short a retracement rally to 1076.25 with a 1083.40 stop-loss. Your price objective would be 1054.75, or 1033.50 if you swing for the fences. _______ UPDATE (July 6, 6:32 p.m. EDT): Zzzzzzzzzz. No change, but it looks like the stock market will have to fall VERY hard to push bullion even moderately higher.
