GCM10 – Comex June Gold (Last:1136.90)

Bottom-fishing on Friday at 1141.90 as advised would have been a loser, since the futures slipped all the way down to 1139.20 before getting a decent bounce. By overshooting our Hidden Pivot support, June Gold was telegraphing the weakness that followed.  The downtrend could continue down to as low as 1118.40 and be considered healthy, but the futures will need to bounce at least $21.20 from some low above that number to announce the next phase of the rally cycle begun on March 24 from 1086.10.