Here is an hourly chart showing pit and electronic trading in August gold futures. I last commented on gold here.
I think gold is in the process of putting in an important low near the 535 level which is the 2 and 1/8 multiple of the 252 low made in 1999.
Right now I think the 580 level is resistance, but if the market breaks above there then I will expect continuation up to 594. In either case the next significant move should be a drop into the 520-535 zone. After that I think a rally of about $100 will be a reasonable expectation.
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