See on the daily bar chart for August gold futures that prices were hammered lower last Friday and hit a six-month low. Prices saw a bearish downside “breakout” from a trading range and also re-established a downtrend on the daily chart. Bears are back in firm near-term technical control to suggest more sideways-to-lower price action in the near term. The next major downside target is the December low of $1,251.90. Stay tuned!