GCQ09 – Comex August Gold (Last:938.40)

The head-and-shoulders pattern flagged here recently appears to be playing out in textbook fashion, although we may be able to improve on the forecast by using a  Hidden Pivot target at 925.50 that was mentioned here earlier. You can try bottom-fishing there with a stop-loss as tight as 924.90, but please note that a picture-perfect bottom based on the head-and-shoulders pattern would imply a reversal near 917.00 — or perhaps even in the low 880s if the selling gets a little crazy. Alternatively, bulls could seize the advantage today, turning the hourly chart positive with a print at 951.90.