GCM09 – Comex June Gold (Last:870.20)

gold-outlook-would-briightenAn aging downside target at 845.20 looks as compelling as ever, but for today at least, it wouldn’t much to turn the hourly chart bullish. Specifically,  a pop to 881.50 would do the trick. That would surpass more than the required two prior peaks needed to create an impulse leg, but in this case raising the bar by an additional two peaks is needed to bring us more confidently to the bullish case, since the first two peaks look a like namby-pambys. I have included a chart that shows what is needed.