Gold Sellers Won't Go Away

New York (Aug 3)  Gold remains under pressure and the sellers just won’t go away. For months, gold has felt like an elephant was sitting on top of it. Every day I think this will be the day that we see at least a dead-cat bounce, but every day there is disappointment.

The action in gold has been predictable based on the footprint that is being left by the money flow. It’s obvious the strong hands are the sellers and gold has more work to do on the downside. We are still targeting $1,180 as the first level to look at to be buyers.

Today is the big jobs number, and gold will be affected by the market reaction. The questions are: will gold finally bottom on the number? Will the long-awaited dead-cat bounce finally appear? There is a greater chance for a dead-cat bounce than the bottom, based on the market action.

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