GOLD CHART (DAILY)
A secondary breakdown is becoming possible this week. Slipping below $1915 could trigger a bearish recognition day. A bearish recognition day is when traders acknowledge a failure and trigger a cascade of sell orders. Those that bought late into the rally are usually the first to sell. Note- A daily close below $1900 would support an initial target of $1800 before the next rebound. As you can see in the chart from our August 3 Spike-High article, after spiking to $2089 gold is progressing towards our 6-month cycle target. We will adjust the target box as we approach the September cycle window.
GOLD MINERS (GDX) UPDATE 8:33 AM EST
If the rebound to $44.09 was a bull trap, as I suspect, we should get a “recognition-day” this week. A “recognition-day” is when traders, acknowledge a breakdown in price and begin to panic, collectively. In GDX, that would look like a 5%+ one-day decline. However, it is important to note that if prices fail to break below $38.88 this week, then prices may be starting a sideways consolidation.
Reprinted from FxEmpire，the copyright all reserved by the original author.
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