Gold is under heavy pressure again this morning and a ‘last stand’ for gold bulls is fast approaching:

Click to enlarge


The gold futures chart shows a bearish engulfing candlestick forming today after last week’s breakdown from the large symmetrical triangle

The $1240 level (support from early June) is now the last line of defense before the double bottom near $1180 will come into play with the potential for a much larger move lower:


The situation couldn’t be more clear; a test of $1180 will result in the make or break prospect of a ‘triple bottom’ or a high likelihood of Goldman’s $1,050 price target for gold coming to fruition.