Despite the NK issue this morning, I did note that gold made a bottom overnight and is set up for another rally into September end. This has always been my preference as the highest possibility outcome - gold target $1,376 by end of September, rejecting and going lower for a few weeks into October washing out the large speculator longs, COT data supports this.
I don't see gold breaching $1,376 until November/December at which point new analysis will be required to assess targets. The underlining strength in the gold market is strong and NK is just a side show that adds to upside volatility.
This is the quick version and if I have time, I'll cover all the above in greater detail.
Cheers
Seth
Fundamentals haven't changed, page-461
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