FOR FRIDAY: (7/28) Lately everyone heads for the beach on Fridays but maybe after they see GDP and Mich Sentiment. Despite some minor fireworks on Thursday, we’re not expecting them to continue on Friday and expect a congestive day.
SWING TRADING RECOMMENDATION: Hold August gold longs from 1262 with a 1249.10 stop. Exit 1261.90.
TODAY’S COMMENTS: (7/28) Three waves down projects 1251, which could come in by Sunday. We would be happy to get out at breakeven and possibly buy back lower or pass on this last push up. We didn’t get a great fill on Thursday night chasing gold and we may only be getting a divergent high to 1269-1270 now if we’re lucky. Market looks lower on Sunday night and then higher into August 3. We did not get a great fill last night on longs and we may get out on Friday if there is no upward momentum.
WEEKLY CHART: Max 1270 or 1277 may come in before we get a setback to 1195 at some point for a final summer low for gold.
CYCLES OVERVIEW: Higher into Friday; lower Sunday; congestive and higher into Aug. 3.
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