GCQ09 – Comex August Gold (Last:955.70)

Gold’s jitters during the last few days have been tradable only by scalpers, since there doesn’t seem to be enough wattage to push into the supply zone created by last Friday’s downdraft. However, yesterday’s weakness created an enticing pattern whose 947.90 midpoint can be bottom-fished  with a 50-cent stop-loss. If this Hidden Pivot support gets busted, look for the downtrend to complete to 938.40, the midpoint pivot’s ‘d’ sibling. Alternatively, we should want the futures to close above 970.80 today (the c-d midpoint of an uptrend on the hourly chart begun from 938.20 on May 26) before we take encouragement.