GCQ09 – Comex August Gold (Last:959.50)

By failing to take out anyinteresting peaks on the intraday charts, yesterday’s quasi-rally left bulls something to shoot at today:  i.e.,  two peaks — an internal and an external — that need only be surpassed to generate some heat on the lesser charts. I won’t hazard a prediction as to whether this will occur — my bias is somewhat bullish — but if not, it would leave the August contract vulnerable to a fall to as low as 942.30, a somewhat obscure Hidden Pivot that comes from the 15-minute chart (A=966.00).