Gold update

GCZ20

The second bounce from the 1850.00 swing point could only get up to 1890.00 this was 38.2% back to the 1966.10 high and was a negative sign. The long term target with another close below 1850.00 is 1700.00. This is 38.2% back to the 2015 low and 61.8% back to the March low. Two things to watch for are, they close back above 1850.00, if so look for 38.2% of the current break at 1930.00, the other is they trade down to the 200 day average at 1808.00 and close back above 1850.00 and you can look for 38.2% back as well, but that level will be determined by the low made. Provided they do hit the 200 day average, the days DSP being taken out will be the earliest sign of a turn higher.