Gold Today Fills Another Gap!

On July 3rd I wrote about gaps in the gold trading chart

June 6th between $650.0 and $638(June 8th between $632.60 and $625.50)

June 13th between $611.30 and $595.

Not only was the latter filled on June 30th with the high of $618, but the daily August contract broke out and left a very bullish Island Reversal behind (trading 13 days between $599 and $565. Today we attacked the June 8th gap with Gold reaching $625.10. Based on the last two gaps down, I am revising slightly my August 1st projection of $800 an ounce to $800 an ounce in August after the 15th. (see chart: http://futures.tradingcharts.com/marketquotes/index.php3?market=GC)

Today we filled the June 6th gap with gold so far trading as high as $656.70! There is one last gap to fill which is also resistance:

May 19th between $687.80 and $685.50. Then, IMHO, we are off to $800 in August.

Warning

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August Gold Gaps Mover Mike

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