Gold Futures – July 25, 2011 – BMO

This is gold

Strong as I have been noting.

Last BMO, I said:

“1580 area has formed as short-term support. If it breaks that, it may finally see some fast and a bit more intense selling. Without breaking 1580, we so far have a shallow ABC zig-zag and that satisfies the minimum requirement for a correction. So, 1580 is the support I use for any short-term trades”

That seems to have been a good call on Friday BMO and gave a good trade.

It is still true and 1580 is still short-term defining support.

I would use 1600 and 1580 as any super short-term support for any new trades on Friday.

Other than that, without a meaningful correction, it would be very hard to say if this swing up is all or only a small part of what we get for Major wave 5. So far, we have a zig-zag flat as mentioned on Friday but that was not deep enough to even change the short-term uptrend.

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