GCM09 – Comex June Gold (Last:899.50)

when-june-gold-popsI try not to sugar-coat the outlook for Gold each day, but we should all have grown weary by now of looking for glimmers of hope in each and every bullish impulse leg that occurs on the 15-minute chart.  Yes, I am still bullish on the long-term picture, and I do think Gold will make a run for $1000 when the stock market’s stench-ridden bear rally is in its grave. But we’ll save for the chat room whatever good news arrives each day on the lesser charts, accepting the fact that nothing of significance is happening unless the June futures push past peaks at 919.70 and 935.80 without stopping to catch their breath. I’ve shown where these peaks lie several times but do so once more so that the picture is etched into your minds.