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GCQ20 – August Gold (Last:1943.10)

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August Gold’s leap Monday night missed a longstanding target at 1992.40 by $18, which ordinarily would warrant a cautious stance for at least a few days. In this case, however, the recovery following an overnight sell-off has been so quick and effortless that a lasting push above $2000 seems all but assured. The modest, 2006.20 target shown in the chart is one of several I could have displayed, but it will suffice for now as a minimum upside objective.  I’ll haul out some bigger charts with more  ambitious targets once gold looks like it has found solid footing above $2000. ______ UPDATE (Jul 30, 2:35 p.m. ET): Today’s snoozefest did not alter the bullish picture for the near-to-intermediate term.

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