David Fuller's view Gold (weekly & daily) has seen seasonal lows in July for the last two years and is somewhat oversold near the lower side of a two-month range following the recent correction from its highs. Also, it may be less susceptible to contagion selling now that stock markets have firmed. While I expect to establish more substantial longs in precious metals during September and October, provided seasonal strength is apparent once again, I am now prepared to nibble following setbacks. This afternoon, I bought August gold at $1496.1, including spread-bet dealing costs. I am likely to trade this out on a rally, as I expect more ranging in the short term, and I would probably nibble again in the event of further weakness.