GCM09 – Comex June Gold (Last:864.80)

june-gold-would-need-to-touchGold spent yesterday in gratuitous spasms that added nothing to the short-term bullish case. A murky Hidden Pivot target at 896.00 can be used as a minimum rally objective, but I wouldn’t recommend shorting there.  Getting to that resistance would again add nothing bullish to the short-term picture, since it will still take a pop to at least 899.60 today — that’s a number broached during yesterday’s tutorial session — to turn the hourly chart bullish.