Gold, $800 an ounce after August 15th!
On May 25th I said about Goldblockquote>
Now we have another two gaps on May 19th and May 24th (see chart). Those gaps will be filled when we trade at or above $680.20. If the gaps are filled, we should trade $148 higher from the gap or $828.20.
Assuming we close the gaps next week, based on the amount of time the last $148 took, I would guess that we trade over $800 prior to August 1st.
Since that post, we have added three more gaps down
(see chart) June 6th between $650.0 and $638
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.
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You mean I shouldn’t have bet everything I had on “July Gold” in the 5th race at Pimlico?
There was a “July Gold”?