June-July Gold Chart Retains Bullish Integrity

Spot gold has satisfied two of my three designated upside-target zones off of the "concentric bottoms" we have been discussing since Monday morning when the price structure thrust above $1300/10.

Let's also notice that that sharp pullback from Tuesday’s high near $1350 to this morning’s low around $1310 initially pierced the support line off of the July 5 low at $1208.88, which cuts across the price axis now at $1317.  But it quickly recovered.

The ability of spot gold to hold above $1317 increases the likelihood that the Tues-Thurs decline represents a completed correction within a still viable recovery-rally period that projects to $1400-$1425 next.