I disseminated a bearish target at 1192.70 last week, but August Gold will have an opportunity to turn from a lesser Hidden Pivot support at 1201.10 if the downtrend continues. The target is shown in the chart. As you can see, its 1218.20 ‘midpoint support’ has yet to be penetrated decisively; moreover, the downtrend has stalled twice exactly at the support. This means that although the target itself is not yet in play, it would become our precise objective if and when the midpoint is breached by more than $2.50 or so. Alternatively, we should want to see a pop above July 17’s 1245.10 peak before we lower our guard even slightly.
