Today’s commentary took notice of the most recent downleg’s narrow failure to reach a compelling midpoint support. This is bullish as far as it goes, although we’ll want to see further proof each step of the way. Most immediately, that would require a pop above the 1751.30 peak labeled in the chart. If the implied ‘point B’ peak were to fall below the slightly higher peak just to the left of 1751.30, it would set up an excellent ‘camo’ buying opportunity. I’ve sketched this out hypothetically to guide you (see inset) and will record and track a four-contract position officially if things play out more or less as sketched. _______ UPDATE (2:16 p.m. EST): Gold head-faked its way to a fleeting peak at 1760 before collapsing more than $50 to a so-far low at 1707.80. There was an opportunity to get long via ‘camouflage’ for the final upthrust, but you’d need to have been nimble to come away with a profit. Now, my minimum downside target (5-min) is 1703.10, the Hidden Pivot midpoint of A=1760.50, B=1711.70 and C=1727.30. My very strong gut feeling, however, is that the 1633.00 midpoint support of a larger pattern drum-rolled here earlier will need to be achieved before February Gold can try to find traction.
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Tuesday, August 1, 2017
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