Today’s commentary describes exactly what must happen for Comex Gold to generate the most bullish signal we’ve seen in months. Specifically, the August contract must surpass the two labeled peaks without a corrective pause once the first has been exceeded. That would create a bullish impulse leg on the hourly chart, with the implication that any subsequent pullback be viewed as a buying opportunity. Camouflageurs, take note: If the b-c pullback comes from a high just a tick or two above the 1254.30 peak (#2), that could provide a very subtle — and therefore low-risk — way to get aboard.
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(July 18, 2016)
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