GCM11 – June Gold (Last:1427.80)

June Gold (GCM11) price chart with targetsWe’ll shift to the June contract for a moment, just to adjust our eyes. A decisive downside breach tonight of 1425.30, a minor midpoint support, would imply more weakness down to at least 1417.30.  You can bottom-fish there with a stop-loss as tight as four ticks, but keep in mind that if it’s hit, the futures would skid an additional 3.00 points before finding traction.  Below 1413.30, we should put Hidden Pivot aside and use a 1411.50 Fibonacci level to gauge when a healthy correction may be at its apogee.  Alternatively, the futures would need to hit 1440.00 today to put the bad guys on the run. ______ UPDATE (9:56 a.m. EDT):  The futures have bottomed so far today at 1411.50 precisely.