GCQ09 – Comex August Gold (Last:937.50)

The most useful benchmark I can cite right now is 959.90, a midpoint resistance derived from the pattern shown in the accompanying chart. It’s not very compelling because the larger pattern has experienced so many disruptions, but we can use it as a minimum upside objective for the near term nonetheless. Its sibling ‘D’ target lies at 1014.90, a number mentioned here before.  As noted earlier, the most powerfully bullish signal we could see would be an impulsive rally that exceeds both of the numbered peaks without taking a corrective breather.